Saudi Aramco’s 2019 profit down 21%, cuts spending
- Date: 15-Mar-2020
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Aramco’s 2019 profit down 21%, cuts spending
Aramco posted a net profit of 330.69 billion Saudi riyal ($88.11 billion) after zakat and tax in the period ended Dec. 31, down from 416.52 billion riyals a year earlier.. Analysts expected Aramco to post a net profit of 346.6 billion riyals ($92.35 billion) in 2019, according to an estimate of 15 analysts polled by Refinitiv.. MARKET REACTION: Aramco shares down 1.6% at 28.55 riyals at 1100 GMT, 10.3% below December IPO price of 32 riyals.. Despite the economic headwinds and low oil prices, Aramco will be able to maintain good dividends at a price of $40 or even $20 bp for Brent crude.". "We are currently forecasting $225 million in EBITDA utilizing an oil price forecast of $65/bbl..