{"id":470217,"date":"2021-03-22T10:41:03","date_gmt":"2021-03-22T10:41:03","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=470217"},"modified":"2021-03-22T10:41:03","modified_gmt":"2021-03-22T10:41:03","slug":"saudi-aramco-reports-44-drop-in-net-profit-in-2020","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2021\/03\/22\/saudi-aramco-reports-44-drop-in-net-profit-in-2020\/","title":{"rendered":"Saudi Aramco reports 44% drop in net profit in 2020"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div><p>In Saudi Arabia, the energy giant Aramco (Saudi Arabian Oil Company) announced this Sunday, March 21, a drop of 44.4% of its net profit in 2020, weighed down by the fall in crude oil prices accentuated by the coronavirus pandemic which weighed heavily on global demand. It is &#8220;one of the most difficult years in recent history,&#8221; CEO Amin Nasser told Saudi media.<\/p>\n<p>\u201cRevenues were affected by lower crude oil prices and volumes sold, as well as reduced refining and chemicals margins. Aramco achieved a net profit of 49 billion USD (41 billion euros) in 2020 &#8220;, compared to 88.2 billion dollars the previous year, Aramco said in a statement.<\/p>\n<p>However, the Saudi state-owned hydrocarbons company says it has shown strong financial resilience in one of the most difficult times for the industry. Meanwhile, the world&#8217;s largest exporter of crude oil, Saudi Arabia was hit last year by weak rhetoric about black gold and sharp cuts in production.<\/p>\n<p>Saudi Aramco, considered Saudi Arabia&#8217;s cash cow, has revealed two consecutive annual declines in profits since the company began reporting results in 2019.<\/p>\n<p>As a reminder, Aramco has claimed to have paid out $ 75 billion in dividends to its shareholders, an amount that exceeds reported profit, as it committed to when it went public with great fanfare in 2019.<\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>","protected":false},"excerpt":{"rendered":"<p>In Saudi Arabia, the energy giant Aramco (Saudi Arabian Oil Company) announced this Sunday, March 21, a drop of 44.4% of its net profit in 2020, weighed down by the fall in crude oil prices accentuated by the coronavirus pandemic which weighed heavily on global demand. It is &#8220;one of the most difficult years in<\/p>\n","protected":false},"author":536282,"featured_media":470218,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12028,12036],"tags":[16631,17527,15314],"class_list":{"0":"post-470217","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-energy","8":"category-sectors","9":"tag-16631","10":"tag-44-drop","11":"tag-saudi-aramco","12":"post_format-post-format-aside","13":"pmpro-has-access"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saudi Aramco reports 44% drop in net profit in 2020 - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. 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