Riyadh – Mubasher: The coronavirus (COVID-19) crisis is unlike anything the world has experienced in recent history and Saudi Aramco is demonstrating resilience and adapting to the highly complex and rapidly changing business environment, said the company’s President and CEO, Amin Nasser.

Commenting on the company’s quarterly financial results, the CEO said that Aramco has an unparalleled position due to a strong balance sheet and low-cost structure, noting that it has “delivered solid earnings with robust free cash flow, despite weak energy demand and low oil prices.”

Aramco’s president and CEO further stressed the company’s commitment to people’s safety and creating value to shareholders, and that the first quarter (Q1) of 2020 witnessed steps in capital spending optimization, noting that “resilience will enable us to continue delivering on our commitments to our shareholders.”

“Looking ahead to the remainder of 2020, we expect the impact of the COVID-19 pandemic on global energy demand and oil prices to weigh on our earnings. We continue to reinforce the business during this period by reducing our capex and driving operational excellence," Nasser added.

On the long term, Aramco is confident that demand for energy will rebound as global economies recover, according to the CEO.

The interim financial statements for Q1-20 showed that Aramco has achieved a net profit after zakat and tax of SAR 62.48 billion.