Saudi Aramco delivers strong 2019 profits; net income $88bn

Saudi Aramco delivers strong 2019 profits; net income $88bn

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.. The ordinary dividends represent a proportion of the $13.4 billion total ordinary dividends declared for the fourth quarter 2019.. And as described in the Company's IPO prospectus, the company, subject to board approval, intends to declare aggregate ordinary cash dividends of at least $75.0 billion a year, paid quarterly.. Its low upstream costs and low sustaining capital provide significant flexibility and demonstrate differentiation to its peers.. The company demonstrated its long-standing reputation for reliability.. Saudi Aramco had entered into a share purchase agreement last year to acquire the Public Investment Fund's 70% equity interest in Sabic, one of the world's largest chemicals companies, for $69.1 billion..