The Saudi Aramco petroleum company has on Sunday reported a 20.6 percent drop in its net profit for 2019, due to low oil prices and production levels, the company said in a statement.
ِAccording to AFP, the company said in a statement on Sunday that net income reached 88.19 billion dollars in 2019, compared to more than 111 billion in 2018, noting that one of the most important reasons for the decline in profits in the largest listed company in the world is the lower crude prices.
“Net income reached 330.7 billion riyals ($ 88.2 billion) for the entire year of 2019, compared to 416.5 billion riyals ($ 111.1 billion) in 2018,” Aramco said in a statement, a decline of 20.6 percent.
Aramco President and Chief Executive Officer Amin Al-Nasser considered that 2019 was “an exceptional year for Saudi Aramco.”
“There is no doubt that the recent outbreak and rapid spread of the Covid-19 virus reflects the importance of being able to adapt to various situations in an ever-changing world. This concept is a fundamental pillar of Saudi Aramco’s strategy, and the company will work to maintain the strength of its business and its financial aspects,” Al-Nasser said
Sunday’s results are the first that Aramco publishes directly to investors and the public.
Saudi Aramco has suffered massively in recent months, especially after its refineries in Abqaiq and Khurais were subjected to a Yemeni attack, which reduced oil production by half.