Saudi Aramco net income $22.9 billionChristian Fernsby ▼ | March 15, 2020
Saudi Aramco said its net income dropped $22.9 billion in 2019 to $88.2 billion.
Saudi Aramco Net income was $88.2 billion for the full year 2019
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. ■