The Saudi Arabian Oil Co. (Saudi Aramco) posted a 49% drop in net profit after Zakat and tax to SAR 131.3 billion for the first nine months of 2020, compared to SAR 255.7 billion in the corresponding period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 924,587.00 | 618,293.00 | (33.1 %) |
| Gross Income | 575,857.00 | 361,936.00 | (37.1 %) |
| Operating Income | 513,073.00 | 278,870.00 | (45.6 %) |
| Net Income | 255,805.00 | 133,180.00 | (47.9 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 1.06 | 0.55 | (47.9 %) |
The decrease was attributed to lower crude prices, sales volumes, and reduced refining and chemicals margins.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 304,646.00 | 228,594.00 | (25.0 %) |
| Gross Income | 185,810.00 | 129,379.00 | (30.4 %) |
| Operating Income | 165,196.00 | 96,046.00 | (41.9 %) |
| Net Income | 79,788.00 | 44,278.00 | (44.5 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.33 | 0.18 | (44.5 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 139,354.00 | 228,594.00 | 64.0 % |
| Gross Income | 81,121.00 | 129,379.00 | 59.5 % |
| Operating Income | 53,092.00 | 96,046.00 | 80.9 % |
| Net Income | 25,370.00 | 44,278.00 | 74.5 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.10 | 0.18 | 74.5 % |
The third quarter net profit after Zakat and tax fell by 45% to SAR 44.2 billion, compared to SAR 79.84 billion a year earlier.
The slump was attributed to the impact of lower crude prices, sales volumes, weaker refining and chemicals margins. It was, however, partly offset by a decrease in the royalty rate from 20% to 15%, lower income taxes and Zakat due to lower earnings, along with higher other income related to gas products sales.
On a sequential basis, net profit surged 79.6%, backed by higher crude oil prices, partly offset by a decrease in crude oil volumes sold, and an increase in income taxes and Zakat mainly due to higher earnings for the third quarter.
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