Aramco shows resilience despite COVID-19; delivers on promise

Aramco shows resilience despite COVID-19; delivers on promise

DHAHRAN — The Saudi Arabian Oil Company (Aramco) Sunday announced its full-year 2020 results, demonstrating exceptional resilience despite the macroeconomic impact of COVID-19 and delivering on its intended dividend payments to shareholders.Aramco achieved a net income of $49 billion in 2020, one of the highest earnings of any public company globally. The company displayed strong financial resilience in one of the most challenging periods for the industry, during which revenues were impacted by lower crude oil prices and volumes sold, and weakened refining and chemicals margins.Aramco declared a dividend of $75 billion for the year, which reflects the outcome of the company's strong performance. The company continues to preserve a strong balance sheet and its gearing ratio at Dec. 31, 2020, was among the lowest in its industry. Meanwhile, its ROACE of 13.2% was the highest in the industry.Through its flexible capital program and prudent financial management, the company was able to adjust spending and focus on high-return opportunities. Capital expenditure in 2020 was $27 billion due to the implementation of optimization