Shareholder payout to stay despite 73% fall in quarterly profits due to impact of Covid-19
Saudi Arabia’s state-owned oil giant still plans to pay $75bn (£57bn) to its shareholders this year even as the impact of the coronavirus caused its profits for the last quarter to plummet by 73%.
The global slowdown in oil demand during the coronavirus pandemic pushed Saudi Aramco’s net income for the second quarter down to $6.57bn, from $24.7bn in the same period last year and $16.6bn in the first quarter of 2020.
Continue reading…Shareholder payout to stay despite 73% fall in quarterly profits due to impact of Covid-19Saudi Arabia’s state-owned oil giant still plans to pay $75bn (£57bn) to its shareholders this year even as the impact of the coronavirus caused its profits for the last quarter to plummet by 73%.The global slowdown in oil demand during the coronavirus pandemic pushed Saudi Aramco’s net income for the second quarter down to $6.57bn, from $24.7bn in the same period last year and $16.6bn in the first quarter of 2020. Continue reading…