... net profit, revenue fall on lower oil price

摘要

Saudi Aramco reported a frst-half 2019 drop of 11.5% in net proft to 175.9 billion Saudi riyals ($46.8 billion). This was mainly due to a 4% decrease in the average realized price of crude oil from $69 to $66/ barrel (bbl) and an increase in purchases, manufacturing costs, and depreciation and amortization costs, partially ofset by a decrease of SAR9.82 billion in income taxes. Revenue and other income related to sales was 2.3% down at SAR614.56 billion. The frst-ever announced fnancial results forms part of the company’s strategy to become more transparent as it prepares to list around 5% of its shares on the stock exchange. “Despite lower oil prices during the frst half of 2019, we continued to deliver solid earnings and strong free cash fow underpinned by our consistent operational performance, cost management, and fscal discipline,” said Aramco president and CEO Amin Nasser.