Aramco's profit slumps 48.66% in the first nine months of the year

State-owned oil company Saudi Aramco earned 35,015 million dollars (29,998 million euros) up to September, 48.66% less than in the same period last year when it earned 68,190 million dollars (58,399 million euros). 

Aramco reported on Tuesday that it recorded a net profit of 11,789 million dollars (10,096 million euros) in the third quarter of this year.

"We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets," Saudi Aramco Chief Executive Officer Amin Nasser said in a statement. All this at a difficult time marked by the coronavirus health crisis which has hit the energy sector hard, reducing turnover considerably due to the fall in trade and demand for raw materials in the face of the generalised slowdown in many activities.  

The Saudi state oil company said it would distribute a dividend of $18.75 billion by the third quarter of this year, in line with its plan to pay a base dividend of $75 billion by 2020. 

Dividends from the world's leading oil producer play a key role in helping the Saudi government manage its fiscal deficit.