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Saudi Aramco net income $22.9 billion

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Christian Fernsby ▼ | March 15, 2020
Saudi Aramco said its net income dropped $22.9 billion in 2019 to $88.2 billion.
Saudi Aramco
Saudi Aramco   Net income was $88.2 billion for the full year 2019
"Net income was $88.2 billion for the full year 2019, compared to $111.1 billion in 2018," Aramco said in a statement.

Topics: Saudi Aramco

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins."

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

Despite a drop in earnings, Aramco said it distributed a dividend of $73.2 billion in 2019. Based on its commitment under the IPO it intends to declare an annual dividend of $75 billion in 2020, it added.

"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 in the statement.