Riyadh – Mubasher: The net profits of the Saudi Arabian Oil Company (Saudi Aramco) amounted to SAR 44.21 billion ($11.79 billion) during the third quarter (Q3) of 2020, down by 44.6% when compared to SAR 79.84 billion ($21.29 billion) in the prior-year quarter.

The fall in Q3-20 earnings reflects the impact of lower crude oil prices and volumes sold, and weaker refining and chemicals margins, according to a stock exchange statement on Tuesday.

This was partially offset by a drop in crude oil production royalties resulting from lower prices and volumes sold as well as a decrease in the royalty rate from 20% to 15%, lower income taxes and Zakat as a result of lower earnings, and higher other income from sales of gas products.

Revenue came in at SAR 200.1 billion in the July-September period, an annual drop of 24.8%.

During the first nine months of 2020, the profits reached SAR 131.31 billion, a yearly shrinkage of 48.6%.

In a separate filing, the oil giant said it approved distributing cash dividends of SAR 70.32 billion ($18.75 billion) for Q3-20, equivalent to SAR 0.35 per share.

Eligibility of dividends will be to the shareholders on 9 November 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date.

The distribution date is 30 November 2020.