Issue 16, 2020 - Saudi Aramco's Q2 net profit plunges 73%

Saudi Aramco's Q2 net profit plunges 73%

On August 9, Saudi Aramco released a financial report saying that due to factors such as the impact of the new crown pneumonia epidemic, Saudi Aramco's net profit fell to $6.
6 billion in the second quarter of this year, compared with $24.
7 billion in the same period last year, a drop of 73%.

Saudi Aramco's net profit in the first half of the year was about $23.
2 billion, down 50.
5 percent
from $46.
9 billion in the same period last year, according to the report.
But Saudi Aramco CEO Amin Nasser said global oil demand was recovering and the company would continue to press ahead with plans
to pay a $75 billion dividend.
Separately, the company is still studying a deal to take a stake in India's Reliance Industries, clearing up previous rumors
that Saudi Aramco is abandoning the deal.
The transaction will cover all of Reliance's refining and petrochemical assets, including 51% of
its oil retail joint venture.