Saudi Aramco Reports 44.4% Drop in Net Profit Last Year Due to COVID-19

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Saudi Arabia's state-owned oil company Aramco's net profit last year decreased by 44.4% compared to the previous year.

On the 21st (local time), according to major foreign media, Aramco announced in its earnings disclosure that its net profit for the previous fiscal year (January 1 to December 31, 2020) was 183.76 billion riyals (approximately 49 billion dollars, 55.3 trillion won).

The company's net profit in 2019 was 331 billion riyals (about 100 trillion won), and in 2018 it recorded 417 billion riyals (about 125 trillion won).

Aramco's net profit last year was equivalent to twice that of Samsung Electronics (26.4 trillion won on a consolidated basis).

The global oil industry experienced an unusual year last year with oil prices plummeting in the first half due to a sharp drop in demand caused by the COVID-19 pandemic.

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