Saudi Aramco reports 20.6 per cent drop in 2019 profit

Riyadh: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical USD 29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of USD 88.2 billion last year compared to USD 111.1 billion in 2018, Monday's statement said. "The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made USD 1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

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"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.