Saudi Aramco reports H1 2019 net income of $46.9 bln

Saudi Aramco on Monday announced for the first time its half-year financial results. The company’s net income was $46.9 billion for the first half of 2019, compared to $53 billion for the same period last year, the company said in a statement.

Earnings before interest and tax was $92.5 billion, compared with $101.3 billion a year earlier, while free cash flow was $38 billion, compared to $35.6 billion for the same period last year.

Capital expenditure was $14.5 billion, compared to $16.5 billion for the same period in 2018, the statement added.

“Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline,” the President and CEO of Saudi Aramco Amin H. Nasser, said.

Disclosing our financial results for the first time, as part of our $12 billion debut international bond issuance, marked a significant milestone in Saudi Aramco’s history,” he added.

“Looking ahead, we will maintain a prudent and flexible balance sheet. Our financials are strong and we will continue to invest for future growth,” he said.