The Strategist

Saudi Aramco's net profit falls by 51% to $23.2B

08/10/2020 - 06:58

In the first half of the year, the world's largest oil company, Saudi Aramco, cut net profit by 51% to $ 23.2 billion due to low oil prices and demand, the firm said in a statement.

Saudi Aramco's net profit falls by 51% to $23.2B
In the first half of 2019, this figure was $ 46.9 billion. At the same time, only in the second quarter, net profit fell 4 times, to $6.6 billion.

"Our results for the second quarter reflect the strong impact of reduced demand and oil prices," - the release of the company quotes its head Amin Nasser.

At the same time, the company maintains its forecast for the volume of capital expenditures in 2020 at the level of $ 25-30 billion, but expects them closer to the lower level of the range.

"Aramco continues to optimize its capex program and expects it to be closer to the lower end of the $ 25-30 billion range," the company said.