Saudi Aramco earnings drops 50% for H1 2020 as pandemic batters oil price

Saudi Aramco profit drops 50% for H1 2020 as pandemic batters oil price

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.

Simon Dawson | Bloomberg | Getty Images

Oil big Saudi Aramco has noted a 50% tumble in net cash flow for the very first half of its financial 12 months, reflecting a devastating calendar year for oil markets and the global economy at significant as the earth proceeds to battle the coronavirus pandemic. 

In a release released Sunday, the company claimed internet earnings plunged to $23.2 billion in the initially six months of the year, down by fifty percent from $46.9 billion around the exact same period of time in 2019.

Saudi Arabia’s greater part condition-owned oil corporation and the world’s greatest crude producer also preserved its next-quarter dividend of $18.75 billion, saying it will be paid in the 3rd quarter. Its to start with-quarter dividend of the exact same amount of money was paid out in the 2nd quarter.

Complete absolutely free funds circulation at the firm arrived in at $21.1 billion for the 1st half, down from $38 billion the 12 months just before.

The results come a week right after Aramco ceded its title as the world’s largest outlined organization by marketplace capitalization to Apple.

The fiscal success for the next quarter mirror the major shock to global power markets in a long time.

“Potent headwinds from lowered need and reduce oil costs are reflected in our 2nd quarter final results,”¬†Aramco President and CEO Amin Nasser said in the launch.

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