Saudi Aramco posts 49% profit slump to SAR 131.3 bln in 9M 2020

03/11/2020 Argaam Exclusive

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The Saudi Arabian Oil Co. (Saudi Aramco) posted a 49% drop in net profit after Zakat and tax to SAR 131.3 billion for the first nine months of 2020, compared to SAR 255.7 billion in the corresponding period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	924,587.00	618,293.00	(33.1 %)
Gross Income	575,857.00	361,936.00	(37.1 %)
Operating Income	513,073.00	278,870.00	(45.6 %)
Net Income	255,805.00	133,180.00	(47.9 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	1.06	0.55	(47.9 %)

The decrease was attributed to lower crude prices, sales volumes, and reduced refining and chemicals margins.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	304,646.00	228,594.00	(25.0 %)
Gross Income	185,810.00	129,379.00	(30.4 %)
Operating Income	165,196.00	96,046.00	(41.9 %)
Net Income	79,788.00	44,278.00	(44.5 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.33	0.18	(44.5 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	139,354.00	228,594.00	64.0 %
Gross Income	81,121.00	129,379.00	59.5 %
Operating Income	53,092.00	96,046.00	80.9 %
Net Income	25,370.00	44,278.00	74.5 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.10	0.18	74.5 %

The third quarter net profit after Zakat and tax fell by 45% to SAR 44.2 billion, compared to SAR 79.84 billion a year earlier.

The slump was attributed to the impact of lower crude prices, sales volumes, weaker refining and chemicals margins. It was, however, partly offset by a decrease in the royalty rate from 20% to 15%, lower income taxes and Zakat due to lower earnings, along with higher other income related to gas products sales.

On a sequential basis, net profit surged 79.6%, backed by higher crude oil prices, partly offset by a decrease in crude oil volumes sold, and an increase in income taxes and Zakat mainly due to higher earnings for the third quarter.

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