–
The Saudi oil company Saudi Aramco sees its half-year profit halved due to the global demand shock resulting from the corona pandemic.
–
The Saudi state oil company Saudi Aramco signed for the largest IPO ever in December. After a few days it peaked above $ 2,000 billion in market value.
–
Just a few months later, the company already went through one of the biggest shocks of its existence. The global lockdowns collapsed demand for oil around the world, which was initially accompanied by a price war with Russia.
–
The largest decrease was due to the second quarter. Net profit in the quarter was $ 6.6 billion, barely a quarter of the 24.7 billion a year earlier. Free cash flow at $ 6.1 billion was about two-thirds lower than a year earlier.
–
Still, the company is pleased with its “solid earnings” and retains its quarterly dividend of $ 18.75 billion from $ 13.4 billion a year ago. The company says it sees a ‘partial recovery’ in the energy market.
–
–
/data/photo/2020/08/09/5f2fafd62b0e1.jpg?resize=150%2C150&ssl=1)
