Oil big Aramco sees big 44% revenue drop

Saudi Arabia’s state oil big Aramco mentioned its web income fell to $US49 billion ($A63 billion) final yr, almost half of what they have been in 2019.

The corporate, which is the largest oil producer on the earth, introduced its annual monetary outcomes for the yr ending on December 31 in a press release on Sunday.

It mentioned the 44.4 per cent drop primarily displays the affect of decrease crude oil costs and volumes bought, in addition to weaker margins in refining and chemical compounds.

Nevertheless, the corporate mentioned it should distribute money dividends totalling $US18.76 billion {dollars} ($A24.25 billion) to shareholders for the fourth quarter of 2020.

The corporate mentioned its full earnings for 2020 “demonstrates its management and agility throughout a difficult yr”.

In a video launched by Aramco, president and chief government Amin Nasser counseled how the corporate continued its operations in 2020 regardless of the COVID-19 pandemic.

“Simply over a yr in the past, COVID-19 was declared a pandemic throughout the globe … a number of industries have been impacted … companies have been closed and thousands and thousands of jobs disappeared,” he mentioned.

“Towards this backdrop, Aramco’s operations continued with out interruption as we offered power for our prospects all over the world safely and reliably.”

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