Saudi Aramco loses revenue

Saudi Aramco loses revenue


Highlight:

  • Saudi Aramco’s profit falls
  • Profits are expected to fall to $ 49 billion by 2020
  • In 2019, the profit was $ 882 billion

Saudi Aramco, the world’s largest oil company, has lost ground.
The company has announced that it will pay dividends despite a significant drop in oil revenues. The company’s profit is expected to fall by half in 2020. The company reported revenue of $ 49 billion. The fall in prices is due to the Kovid crisis affecting the world’s energy sector.

Saudi Aramco’s three – month dividend is $ 1.87 billion. It pays $ 75 billion a year in dividends. The entire share of the company’s profits goes to the Saudi government. The government owns about 98 percent of the company.

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The company’s annual report comes a year after the Kovid crisis erupted. Crude oil prices also plummeted to a record low as people around the world slowed down when the Kovid virus broke out. This has led to a decline in revenues, but recently crude oil prices have risen. Demand for this specialty has grown significantly as a result of recent corporate scandals.

In 2019, the company had a net profit of $ 882 billion. Revenue in 2018 was $ 1111 billion. Aramco is one of the most valuable companies in the world. The company produces 92 million barrels of crude oil per day. Capital expenditure fell to $ 27 billion by 2020. Last year it was $ 32.8 billion.

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