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Monday 10 August 2020

Aramco’s Profit Plunges

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DUBAI (Reuters) — State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter.

Nevertheless, the company stuck with plans to pay $75 bln in dividends this year and CEO Amin Nasser said global oil demand was recovering.

Aramco, which listed in Riyadh last year in a record $29.4 bln flotation, said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.

Nasser told reporters he had seen a partial recovery in the energy market and a pick up in demand as economies gradually open after the easing of coronavirus lockdowns.

Aramco’s free cash flow stood at $6.1&nbsp,bln in the second quarter and $21.1 bln for the first half of 2020, respectively, compared with $20.6 bln and $38.0 bln for the same periods in 2019.

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