Saudi Aramco’s net income down in 2019

Oil&Gas Materials 16 March 2020 16:09 (UTC +04:00)
Saudi Aramco’s net income down in 2019

BAKU, Azerbaijan, March 16

By Leman Zeynalova – Trend:

Net income of Saudi Aramco was $88.2 billion for the full-year 2019, compared to $111.1 billion in 2018, Trend reports citing the company.

The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins, and a $1.6 billion impairment associated with Sadara Chemical Company, said Saudi Aramco.

“Free cash flow was $78.3 billion, compared to $85.8 billion the previous year. This was primarily due to lower income, offset by lower capital expenditures and favorable working capital movements,” the company said in its report.

The balance sheet showed a gearing ratio of -0.2 percent at the end of 2019, demonstrating the Company’s strong and prudent financial framework.

Total dividend payments were $73.2 billion in 2019. As disclosed in the IPO prospectus, the company has declared ordinary dividends of $3.9 billion, covering the period from December 5, 2019, the date IPO shares were allocated to investors, through December 31, 2019.

“These ordinary dividends represent a proportion of the $13.4 billion total ordinary dividends declared for the fourth quarter 2019. The dividends of $3.9 billion will be paid on March 31, 2020 to registered shareholders as at March 18, 2020.”


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