Aramco doubles its profits in the first half to $ 47 billion. It will distribute 18,760 million dollars in dividends.
The Saudi state oil company Aramco, the largest in the world, shot its profits during the first half of this year to $ 47,180 million, slightly more than double (103% more) than the 23,230 registered in the same period of 2020, he announced this Sunday the company in a statement.
Regarding the quarterly results, the 25,500 million dollars obtained between last April and June represented an increase of 288% compared to the benefits of the same period last year, when the oil market was hit by the coronavirus crisis.
“The increase in both periods was mainly due to higher crude oil prices , better downstream margins and the consolidation of the results of (the petrochemical company) Sabic, partially offset by lower volumes of oil sold and higher royalties from crude oil production, “Aramco said.
“Our second quarter results reflect a strong rebound in world energy demand and we are heading for a more resilient and flexible second half of 2021, as the global recovery picks up momentum,” said the CEO of the company, Amin Nasser, according to the statement.
The manager added that although “there is still uncertainty about the challenges posed by the covid-19 variants,” the oil company has shown that it can “adapt quickly and effectively to changing market conditions.”
Following these positive results, Aramco announced a distribution of $ 18.76 billion in dividends to its shareholders (who are basically the Saudi royal family, except for 1.5% of securities in the hands of other investors) for the second quarter, compared to the 6,600 million in the same period last year.
On the other hand, the company highlighted that the free cash flow was of 22.600 million dollars during the second quarter and 40.900 million during the semester, compared to 6.100 million and 21.100 million, respectively, of the same periods of 2020.