Aramco ‘s quarterly profit from Sadskoarabsk oil company fell sharply Companies and markets

However, it confirmed that it intended to pay $ 75 billion (or 1.7 trillion K) in dividends this year. Dividends of the company play an important role in the forces of Sadskoarabsk government to keep budget deficits under control.

This year, oil prices were hit hard by a drop in demand, which is the result of the negative impact of coronavirus on economic activity. Aramco’s quarterly profit was driven by lower margins in refining and chemical activities. The profit thus lagged behind the real analyst, who, according to a survey by Refinitiv, estimated it at 31.1 billion rii, the Reuters agency wrote.

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Amn Nsir, the company’s CEO, said that the demand for fuels will gradually increase thanks to the release of coronavirus measures. Look at them, their demand for gasoline and diesel is at the same level as before the advent of the covid-19, he noted. We see life in Asia and other markets, he added.

The fall in oil prices this year has hit Aramco’s competitors. The British oil giant BP, for example, reported a record loss of $ 6.7 billion (roughly 150 billion K) for the second quarter. For the first time in ten years, he decided to dream of a dividend.

Aramco’s headquarters are solid compared to other global competitors, said one of Raj Raj Capital’s analysts. It was the worst quarter in the modern history of the oil industry and its diligence with solid sounds signals very favorable prospects, he added.

At the end of last year, Aramco entered the stock market in Riyadh and became the first company in the world, with a market value of more than two trillion dollars. At the end of last month, the US technology giant Apple deposed the Sadsko-Arab company from the position of the world’s largest company according to the market capitalization.

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