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Saudi Aramco logs SAR 330.7bn profit in 2019, declares dividends

Saudi Aramco logs SAR 330.7bn profit in 2019, declares dividends
The company’s revenues slid to SAR 1.105 trillion
-1.68% 32.20 -0.55

Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) reported a 20.6% year-on-year drop in its net profits during 2019.

The Saudi oil giant’s net profits after Zakat and taxes retreated to SAR 330.69 billion last year from SAR 416.52 billion in 2018, according to a bourse statement on Sunday.

Meanwhile, the company’s revenues slid to SAR 1.105 trillion in 2019, compared to SAR 1.194 trillion in the previous year.

The profit decline was ascribed to lower crude oil prices and production volumes, along with a drop in profit margins of the refining and chemical sectors and a SAR 6 billion impairment associated with Sadara Chemical Company.

In addition, the company announced a cash dividend distribution of SAR 14.76 billion ($3.94 billion) or SAR 0.0738 per share for the period from 5 to 31 December 2019. 

These ordinary dividends make up a part of the total ordinary dividends of SAR 50.21 billion ($13.39 billion) declared for the fourth quarter of 2019. 

The total number of shares eligible for dividends is 199.88 billion. 

The eligibility date is on 18 March 2020, while the distribution date will be on 31 March 2020.