Daily Management Review

Saudi Aramco's net profit falls by 1.8 times to $11.8B in Q3


The net profit of the world's largest oil company by production and reserves, Saudi Aramco, in the third quarter of 2020 amounted to $ 11.789 billion against $ 21.29 billion a year earlier, the company said. Thus, the decrease was 1.8 times.

For nine months, profits fell by half - to $ 35 billion. The drop in the indicator is explained by the coronavirus pandemic and, as a result, a deterioration in the price environment. 

Despite this, the company allocated $ 18.75 billion for dividends to shareholders in the third quarter of 2020.

Free cash flow of Saudi Aramco for the reporting period amounted to $ 12.4 billion, having decreased by 1.7 times year-on-year, and $ 33.5 billion in nine months (almost halving year-on-year). The company does not indicate the amount of revenue for this period.

The company's Capex indicator for the third quarter amounted to $ 6.38 billion, for nine months - $ 20 billion.

Saudi Aramco's hydrocarbon production in the nine months amounted to 12.4 million barrels of oil equivalent per day, including an average of 9.2 million barrels of oil per day. 

source: wsj.com