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Saudi Aramco Q1 profits of $16B as virus impacts earnings

May 12, 2020

Via: ABC News

DUBAI, United Arab Emirates — Saudi Aramco, the kingdom’s energy producer, announced on Tuesday a net income of $16.7 billion for the first three months of the year and dividends of $18.75 billion for shareholders.

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 $22 billion.

Aramco President and CEO Amin Nasser said the company expects the impact of the coronavirus pandemic on global energy demand and oil prices to weigh on earnings for the continuation of the year.

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