Despite posting the highest quarter dividends in 2020 of any listed company, its profits were 25% down, compared to the same time last year when earnings topped
Aramco President and CEO
The government of
Just Sunday, the
The oil and gas company is nearly entirely owned by the Saudi state, with just under 7% of the company listed on the local Saudi Tadawul exchange. Shortly after listing in mid-December,
The company's financial details were long a closely-held secret until Aramco began preparations for the sale of a portion of its shares last year.
Aramco said its net earnings for the first quarter of 2020 demonstrate the company's “financial and operational strength despite a challenging” environment and lower demand for oil globally caused by the pandemic. It had paid dividends of
“The COVID-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment," Nasser said.
He added that longer term, Aramco is “confident that demand for energy will rebound as global economies recover."
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