Oil giant Aramco sticks with dividend even as profit crashes

Oil giant Aramco sticks with dividend even as profit crashes

Saudi Arabia's state-controlled oil giant pressed ahead with a plan to pay $75 billion in dividends this year even as profit slumped and debt surged, as the kingdom battles a widening budget deficit.

Saudi Aramco, which Apple recently dethroned as the world's most valuable listed company, said net income in the three months ending in June was 24.6bn riyals ($6.6bn), down 73 percent from a year earlier, according to a statement. Aramco will pay a dividend of $18.75bn for the quarter, most of it to the government, which owns around 98 percent of the company's stock.

“Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results,” said chief executive officer Amin Nasser. “We are seeing a partial recovery in the energy market as countries around the