Saudi Aramco’s profit fell sharply due to low oil price

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Published on 9 augustus 2020 09:55 |
Views: 2.834

RIYAD (AFN / AFP / BLOOMBERG) – The profit of the Saudi state oil group Saudi Aramco fell 73 percent in the second quarter compared to a year earlier. The company posted a profit of approximately $ 6.6 billion (more than $ 5.6 billion).

The company is suffering a lot from the falling oil price. Demand for oil declined due to the corona crisis. Saudi Aramco was considered the most valuable listed company in the world, but that title has recently been in the hands of tech company Apple.

The oil company will distribute a quarterly dividend of approximately $ 18.75 billion. This mainly benefits the Saudi government. For the full year, the company has pledged a dividend of $ 75 billion.

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  1. wow what a recipe for a dramatic deterioration in your balance. Pay 10 billion (!) More dividends than the profit made. I don’t have any stocks but I would get out of there like lightning if I did

  2. pim f wrote down 9 augustus 2020 13:29:

    wow what a recipe for a dramatic deterioration in your balance. Pay 10 billion (!) More dividends than the profit made. I don’t have any stocks but I would get out of there like lightning if I did

    You can also explain it as a huge confidence in the company’s recovery.
    I don’t think anyone familiar with the desert will stick their head in the sand.

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