The Saudi Arabian Oil Co. (Saudi Aramco) posted a 50% drop in net profit after Zakat and tax to SAR 88.9 billion for H1 2020, compared to SAR 176 billion in H1 2019.
The decrease was attributed to lower prices, inventory reassessment losses, as well as lower refining and chemicals margins on 2020 net income.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 619,941.00 | 389,699.00 | (37.1 %) |
| Gross Income | 390,047.00 | 232,557.00 | (40.4 %) |
| Operating Income | 347,877.00 | 182,824.00 | (47.4 %) |
| Net Income | 176,017.00 | 88,902.00 | (49.5 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.73 | 0.37 | (49.5 %) |
The second quarter net profit after Zakat and tax plunged 73% to SAR 24.6 billion, compared to SAR 92.6 billion a year earlier.
The slump was attributed to the impact of lower crude prices, declining refining and chemicals margins, 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.
When compared to the previous quarter, net profit plummeted 60.6%, mainly due to lower crude prices, lower income taxes and Zakat, as well as the absence of inventory reassessment losses that impacted the first quarter of 2020.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 322,307.00 | 139,354.00 | (56.8 %) |
| Gross Income | 202,770.00 | 81,121.00 | (60.0 %) |
| Operating Income | 181,256.00 | 53,092.00 | (70.7 %) |
| Net Income | 92,791.00 | 25,370.00 | (72.7 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.38 | 0.10 | (72.7 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 250,345.00 | 139,354.00 | (44.3 %) |
| Gross Income | 151,436.00 | 81,121.00 | (46.4 %) |
| Operating Income | 129,732.00 | 53,092.00 | (59.1 %) |
| Net Income | 63,532.00 | 25,370.00 | (60.1 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.26 | 0.10 | (60.1 %) |
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