Saudi Arabian Oil Co (Aramco) yesterday reported a 20.6 percent drop in its net profit for last year due to low oil prices and production levels, the company said in a statement.
These are the first annual results to be announced by Aramco after its US$29.4 billion initial public offering and listing on the Saudi Arabian Tadawul market in December last year.
The state-run energy giant posted net profits of US$88.2 billion last year compared with US$111.1 billion in 2018, the statement said.
“The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins,” Aramco said.
Brent crude last year averaged US$64.12 a barrel compared with US$71.67 the previous year.
Production in Saudi Arabia slipped to an average of 9.83 million barrels a day from 10.65 million in 2018, according to data compiled by Bloomberg.
The company said it has made US$1.6 billion of impairment provisions for losses associated with Sadara Chemical Co, an Aramco subsidiary.
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