Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) achieved SAR 62.48 billion ($16.6 billion) in net profits after Zakat and tax over the first quarter (Q1) of 2020, 24.9% less than SAR 83.29 billion in the same period a year earlier.

Revenues retreated by 16.2% year-on-year (YoY) to SAR 225.5 billion during Q1-20 from SAR 269.3 billion in Q1-19, according to a statement to the Saudi Stock exchange (Tadawul) on Tuesday.

The drop in the interim earnings for the period is largely due to lower crude oil prices, falling refining and chemicals margins, and losses from inventory re-measurement. This was partially offset by a decrease in production royalties, mainly caused by the oil price plunge, drop in crude royalty rates to 15% from 20%, and higher revenue relating to the price equalisation income on gas products.

Moreover, the Saudi oil giant announced the distribution of SAR 70.32 billion ($18.75 billion) or SAR 0.3518 per share as cash dividends to shareholders for the three-month period ended on 31 March 2020, the company said in a separate bourse disclosure.

The total number of shares eligible for dividends is 199.882 billion shares. The eligibility date is 21 May 2020, while the distribution date will be on 18 June 2020. 

Shareholders approved the board of directors report for 2019, during the company’s ordinary general meeting (OGM) on Monday.

Last year, Aramco reported a 20.6% YoY drop in its net profits at SAR 330.69 billion from SAR 416.52 billion in 2018.