{"id":902,"date":"2020-08-10T05:00:13","date_gmt":"2020-08-10T05:00:13","guid":{"rendered":"https:\/\/businessner.com\/?p=902"},"modified":"2022-04-27T10:15:15","modified_gmt":"2022-04-27T10:15:15","slug":"saudi-aramco-reports-73-percent-dive-in-second-quarter-profits","status":"publish","type":"post","link":"https:\/\/businessner.com\/saudi-aramco-reports-73-percent-dive-in-second-quarter-profits\/","title":{"rendered":"Saudi Aramco Reports 73% Dive in Second Quarter Profits"},"content":{"rendered":"
State-owned oil giant Saudi Aramco reported a 73% dive in profits for the second quarter of 2020 due to low fuel demand brought about by the COVID-19 pandemic.<\/p>\n
The world\u2019s biggest crude oil exporter, however, remains optimistic the energy market will \u2018partly recover\u2019 beginning next quarter of the year.<\/p>\n
The oil giant, like other major oil companies in the world that reported huge losses, posted a $6.6 billion net income<\/a> compared to last year\u2019s second-quarter earnings of 24.7 billion or a 73% drop in profits.<\/p>\n For the first half of 2020, the Dhahran-based oil company posted a $23.2 billion net income compared to $46.9 billion in profits recorded for the same period in 2019 or a 50% drop in earnings.<\/p>\n The Saudi Arabian Oil Company announced Sunday (August 9) its results for the second quarter and first half of 2020, highlighting the company\u2019s financial and operational resilience, and commitment to shareholders despite challenging market conditions caused by the COVID-19 pandemic.<\/p>\n Saudi Aramco President and CEO Amin Nasser said:<\/p>\n