Saudi Aramco’s Q3 profit drops by nearly 50%

Saudi Arabia’s oil and gas giant, Aramco, reported its third quarter profits with a net profit of $11.79 billion; a 44.6 per cent drop from last year’s $21.3 billion, which is in line with analysts’ expectations.

Aramco said it had maintained a $18.75 billion dividend which will be paid in the fourth quarter of this year, noting that the capital expenditures in the third quarter amounted to $6.4 billion.

The Saudi government-owned company attributed the drop to lower crude prices, weak margins in its refining and chemical business in addition to low demand affected by the emerging coronavirus which caused countries across the world to impose lockdowns and restrictions on travel.