Saudi Aramco Third-quarter Revenue Slumps 44.6% As Pandemic Chokes Demand

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DUBAI: Saudi Arabian state oil group Aramco on Tuesday reported a 44.6% drop in third-quarter web revenue, in step with analysts’ estimates, dented by decrease crude oil costs and volumes bought because the coronavirus disaster choked demand.

Weaker refining and chemical substances margins have additionally hit the corporate’s web revenue, which fell to 44.21 billion riyals ($11.79 billion) for the quarter ended Sept. 30 from 79.84 billion riyals final 12 months.

Analysts had anticipated a web revenue of 44.6 billion riyals within the third quarter, in keeping with the imply estimate from three analysts, offered by Refinitiv.

“We noticed early indicators of a restoration within the third quarter attributable to improved financial exercise, regardless of the headwinds going through international power markets,” Saudi Aramco Chief Government Officer Amin Nasser mentioned in an announcement.

The corporate mentioned it will distribute a dividend of $18.75 billion for the third quarter of this 12 months, in step with its plan to pay a base dividend of $75 billion for 2020.

Dividends from the world’s high oil producing firm play a essential function in serving to the Saudi authorities handle its fiscal deficit.

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