Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) will disclose its financial results for the first quarter (Q1) of 2020 on 12 May.

The oil giant expects to announce dividends for Q1-20 to be distributed during Q2-20, according to the company’s website.

Last year, Aramco reported a 20.6% decline in its net profits to SAR 330.69 billion.

The decline in profits was attributed 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 the prospectus of its IPO, Aramco revealed dividends of at least $75 billion for 2020, to be paid on a quarterly basis subject to the approval of the board of directors.