In the first half of the year, the oil giant made a net profit of $23.2 billion

Aramco's net profit falls by 73% in the second quarter

photo_camera PHOTO/REUTERS - Saudi Aramco oil facility in Abqaiq Saudi Arabia

The Saudi state oil company Aramco, the largest in the world, achieved a net profit of 6.6 billion dollars in the second quarter of 2020, which is a drop of almost 73% compared to the same period last year, when it made some 24.7 billion dollars.

In the first half of the year, the oil giant made a net profit of $23.2 billion, 49.5% less than the $46.9 billion it made in the first six months of 2019, the company said in a statement Sunday.

"The strong headwinds from falling demand and low oil prices are reflected in our second quarter results," said its president, Amin Nasser.

Cash flow from operating activities stood at $12.3 billion in the second quarter and $34.8 billion in the first six months of the year, while free cash flow was $6.1 billion and $21.1 billion, respectively.

Shareholders' dividends were $18.75 billion for the quarter ending June 30, and are expected to be paid in the third quarter for the three months prior to their payment.

Nasser stressed his determination to maintain the long-term growth and diversification strategy for Aramco.

"We are seeing a partial recovery in the energy markets as countries around the world take steps to lift restrictions and restart markets," concluded the also CEO of the world's largest oil company. 

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