Saudi Aramco's net profit almost halved in 2020

The net profit of Saudi Aramco, a Saudi Arabian public petroleum and natural gas company, was $49 billion in 2020, Report informs referring to the company.

This figure indicates 1.8 times decrease in the company’s net profit, which was $88.2 billion a year earlier.

The company notes that 2020 was one of the toughest years in its history due to the impacts of the pandemic. Despite this, Amin Nasser, Saudi Aramco’s chief executive, pledged to pay Saudi Aramco’s $75 billion dividends, most of which goes to the government, its main shareholder.

The free cash flow of Saudi Aramco for the reporting period amounted to $49.1 billion, having decreased 1.6 times year-on-year. The company's capital expenditure (CAPEX) after optimization amounted to $27 billion. The company plans to increase it to $35 billion in 2021.