Oil giant Aramco sticks with dividend even as profit crashes
- Date: 09-Aug-2020
- Source: Gulf Business
- Sector:Financial Markets
- Country:Saudi Arabia
Oil giant Aramco sticks with dividend even as profit crashes
Saudi Arabia's state-controlled oil giant pressed ahead with a plan to pay $75bn in dividends this year even as profit slumped and debt surged, as the kingdom battles a widening budget deficit.
Saudi Aramco, which Apple Inc. recently dethroned as the world's most valuable listed company, said net income in the three months ending in June was SAR24.6bn ($6.6bn), down 73 per cent 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,
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