Saudi Aramco posts 44% profit drop to SAR 184.9 bln in 2020

21/03/2021 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a 44% fall in net profit attributable to shareholders to SAR 184.9 billion for 2020, compared to SAR 330.8 billion a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	1,236,785.00	862,091.00	(30.3 %)
Gross Income	763,934.00	509,368.00	(33.3 %)
Operating Income	674,871.00	383,360.00	(43.2 %)
Net Income	330,816.00	184,926.00	(44.1 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	1.37	0.76	(44.1 %)

The decrease was attributed to lower crude prices, sales volumes, and reduced refining and chemicals margins, when compared to a net income of SAR 330.69 billion ($88.19 billion) for 2019.

The fourth-quarter net profit decreased by 31% to SAR 51.8 billion, compared to SAR 75 billion a year earlier.

Shareholders’ equity, after minority interest, declined 4.3% to SAR 990.850 billion in 2020, from SAR 1.035 trillion a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	312,198.00	243,798.00	(21.9 %)
Gross Income	188,077.00	147,432.00	(21.6 %)
Operating Income	161,798.00	104,490.00	(35.4 %)
Net Income	75,011.00	51,746.00	(31.0 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.31	0.21	(31.0 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	228,594.00	243,798.00	6.7 %
Gross Income	129,379.00	147,432.00	14.0 %
Operating Income	96,046.00	104,490.00	8.8 %
Net Income	44,278.00	51,746.00	16.9 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.18	0.21	16.9 %

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