Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) reported a 44.43% year-on-year (YoY) decline in its net profits after Zakat and tax during 2020, pressured by lower crude oil prices.

The oil giant logged SAR 183.76 billion ($49 billion) in net profits after Zakat and tax last year from SAR 330.69 billion ($88.16 billion) in 2019, according to a bourse disclosure on Sunday.

Revenues fell to SAR 768.11 billion in 2020, compared to SAR 1.105 trillion a year earlier.

The fall in revenue was ascribed to lower crude oil prices and volumes sold as well as decreased refining and chemicals margins.

During 2020, the state-owned oil firm’s average hydrocarbon production was 12.4 million barrels per day of oil equivalent, including 9.2 million barrels per day (mmbpd) of crude oil.

In April, the oil giant recorded the highest single day crude oil output in its history of 12.1 million barrels per day.

In August, the company also achieved another milestone with a single-day record production of 10.7 billion standard cubic feet per day (bscfd) of natural gas from its conventional and unconventional fields.

Aramco’s President and CEO, Amin H. Nasser, said, “In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility.”

“As the enormous impact of COVID-19 was felt throughout the global economy, we intensified our strong emphasis on capital and operational efficiencies. As a result, our financial position remained robust and we declared a dividend of $75 billion (SAR 281 million) for 2020.”

Moreover, the board of directors recommended cash dividend of SAR 70.33 billion or SAR 0.3518 per share for the fourth quarter (Q4) of 2020. The record date is on 22 March for shareholders registered with the Securities Depository Centre (Edaa) at the end of the second trading day following the eligibility date. The payment date is on 31 March.