Businesses . . . Saudi Aramco Q1 net profit down 25% year-on-year

May 12, according to news, Saudi Aramco announced first quarter net profit fell 25 percent, the state-owned oil giant is struggling with crude oil prices fell sharply and the decline in global demand situationin a press release issued Tuesday, the company said that the first three months of this year, net income fell to 625 billion riyals (US $ 16.6 billion), down from 83.3 billion riyals in the same period in 2019"This is mainly reflected in the falling crude oil prices, oil refining and chemical industry profits decline and loss of inventory re-measured." The company said in a statementDespite falling profits, Saudi Aramco will continue to pay dividends of $ 18.75 billion in the first quarterAs part of the propaganda to investors prior to listing, the company has committed to distribute to investors annually within five years, $ 75 billion in dividends, although capital spending has been cut, but the company did not withdraw this commitmentAramco, said first-quarter free cash flow of 563 billion riyals, down from 65.1 billion riyals a year earlierthe company's president and chief executive AminNasser said in the release: "public health emergency crisis unlike any experienced in recent crises in the world, we are adapting to highly complex and rapidly changing business environment."
"Saudi Aramco in the economic cycle, the toughness, and due to a strong balance sheet and low cost structure, so that the company is in an unrivaled position."