Aramco's profits are down 49% in nine months ... and the distribution of 70 billion riyals for the third quarter

Saudi Aramco's financial statements showed a decline in the company's profits in the first nine months of this year by 48.7% on an annual basis.

The company said in the statement that the decline in losses during the comparison periods is due to lower crude oil prices and sales volumes, and weak profit margins in the refining and chemicals business, compared to the net income achieved The company for the same period in 2019, amounting to 255.71 billion riyals.

This was partly offset by the positive effects of lower crude oil production rents, lower income taxes and zakat due to lower profits, and higher other income related to sales of gas products.

The company achieved profits of 44.21 billion riyals during the third quarter of this year, compared to profits of 79.84 billion riyals for the same period in 2019, a decrease of 44.6%. / p>

The total equity of the company’s shareholders (after excluding minority rights) amounted to about 1004.58 billion riyals as on September 30, 2020, down 3.3% from its value in the same period of 2019 amounting to 1038.59 billion riyals.

The company announced, in an independent disclosure to the Stock Exchange today, that it had been decided to distribute 70.32 billion riyals in cash dividends to shareholders for the third quarter of this year, explaining that the eligibility to distribute on 9 November 2020.