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Saudi Aramco to announce second quarter results on August 9


Saudi Aramco, the world’s largest oil-exporting company, will announce its second quarter results on August 9.

The company, which is listed on the Tadawul exchange, will host a webcast for investors on August 10 at 4.30pm UAE time, it said on Monday.

Aramco reported a 25 per cent decline in its first quarter profit amid a global economic slowdown induced by the Covid-19 pandemic coupled with lower oil prices, declining refining and chemicals margins as well as inventory re-measurement losses.

Net profit for the three months ending March 31 fell to 62.5 billion Saudi riyals (Dh61.2bn/$16.7bn) from the year-earlier period. Aramco's sales for the quarter fell 16.2 per cent to 225.6bn riyals.

Last month, Aramco completed its 70 per cent share acquisition of Sabic, the region’s biggest petrochemicals firm, for $69.1bn from the kingdom's Public Investment Fund.

Aramco’s acquisition is in line with its long-term strategy to drive growth through an enhanced downstream portfolio by increasing global refining capacity from 4.9 million to 8 million-to-10 million barrels per day by 2030, of which 2m bpd to 3m bpd will be converted into petrochemical products.

Updated: July 13, 2020 07:05 PM

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