Saudi Aramco's net profit down 73% in Q2

Saudi Aramco, the state oil company of Saudi Arabia, reported a 73.4% drop in net profit in the second quarter of 2020 due to a drop in oil prices, Ekonomichna Pravda reports.

It is noted that profit in the second quarter amounted to $6.6 billion, which is almost 4 times less than last year.

Also in the second quarter, Saudi Aramco paid out dividends for the first quarter of $18.75 billion. The company announced its intention to pay out another $18.75 billion for the second quarter of 2020, compared to $13.4 billion in the second quarter of 2019.

Recall that the state oil company Saudi Aramco acquired 2.1 billion shares of the Saudi company SABIC for $69 billion.

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