{"id":2461,"date":"2020-11-04T01:28:00","date_gmt":"2020-11-04T01:28:00","guid":{"rendered":"https:\/\/businessner.com\/?p=2461"},"modified":"2020-11-04T02:02:48","modified_gmt":"2020-11-04T02:02:48","slug":"saudi-aramco-profit-drops-44-6-due-to-weak-oil-demand-during-the-pandemic","status":"publish","type":"post","link":"https:\/\/businessner.com\/saudi-aramco-profit-drops-44-6-due-to-weak-oil-demand-during-the-pandemic\/","title":{"rendered":"Saudi Aramco Profit Drops 44.6% as Pandemic Drives Weak Oil Demand"},"content":{"rendered":"
The world\u2019s largest crude oil exporter Saudi Aramco<\/a> continued to report losses in its third-quarter net profit report following a slump in oil demand due to the coronavirus pandemic.<\/p>\n In its recent third-quarter report<\/a>, Saudi Aramco\u2019s net profit dropped by 44.6% which is an improvement compared to the previous quarter\u2019s 73% dive in profits<\/a> which earned the company only $6.57 billion.<\/p>\n The state-owned crude oil exporter in a statement<\/a> on Tuesday (November 3) said that the coronavirus pandemic has resulted in market volatility and affected the global economy, particularly that of oil-producing economies. As a result, the Saudi company’s net profit for the first nine months of 2020 also dropped 48.6 percent to $35 billion.<\/p>\n Despite the setback, the Saudi government’s most profitable business venture posted a net income of $11.8 billion or almost half of the $21.3 billion net profit posted in the same quarter last year.<\/p>\n Saudi Aramco President and CEO Amin Nasser said:<\/p>\n \u201cWe saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets. Meanwhile, we maintained our commitment to shareholder value by declaring a dividend of $18.75 billion for the third quarter.\u201d<\/p><\/blockquote>\n<\/blockquote>\n As in the previous quarter, despite the slump in profits, the world\u2019s most valuable listed company has committed to pay $18.75 billion in dividends in the third quarter.<\/p>\n\n