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Saudi Aramco profit decreased in the first half of the year

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Saudi Aramco profit decreased in the first half of the year
August 12
09:00 2019

Saudi Aramco, a state-owned oil company in Saudi Arabia, has  presented its first mid-year report. According to the published data, the company has lost 12% in profit. In the first half of this year, they earned 46.9 billion US dollars. The banal drop of oil prices caused the deterioration of indicators.

The company decided to publish a report because they have plans to issue bonds totaling $ 12 billion. This year, the company has published statements for the past year for the same purpose. Saudi Aramco is the most profitable in the world. In comparison, Apple’s profit is $ 31.5 billion.

For the period from January to June, the average price, at which oil was sold, has amounted to$ 66 per barrel of black gold. Last year, the figure was $ 69. Production costs and lower prices also caused drop in profits.

The company’s capital expenditures have decreased to $ 14.5 billion. Last year, the value of this indicator was $ 16.5 billion.

Saudi Aramco’s production was 10 million barrels per day. The amount of dividend payments totaled 46.4 billion US dollars. Last year, the amount of $ 32 billion was spent on payments.

Saudi Aramco is the largest oil and gas company in the world. Its staff totals more than 75 thousand people. The management of the company plans to conduct an IPO in 2020-2021. About 100 billion US dollars will be attracted by selling 5 % of the shares. It is easy to calculate that the company’s capitalization is approximately $ 2 trillion.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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