Recording 131 billion riyal drop, Saudi Aramco's profit falls

Saudi Arabian oil company Aramco reported a drop in its net profit, as oil demand remained low due to the pandemic. The company recorded 131 billion riyal drop and third-quarter dividend was distributed to shareholders.

Saudi Aramco has released figures for the first nine months of this year. The company made a profit of 131.3 billion Saudi riyals so far. They had posted a net profit of 255.7 billion in the same period last year. The decline in global oil prices during the pandemic has led to a decline in the company's profits.

The company's third-quarter dividend, which reaches up to $ 18.75, was distributed to the shareholders. Many expatriates, including keralites, have bought shares in Saudi Aramco. Aramco said that the company was able to prove its strength and overcome the crisis despite the epidemic.

Oil exports increased in the third quarter of this year compared to the first two quarters, indicating the increase in demand for oil in the international market. Aramco also achieved record increase in natural gas production during this period. The financial report also said that the absence of a significant increase in prices would hamper the growth of revenue.