An offshore drilling rig is located in shallow waters near the Manifa offshore oil field, operated by Saudi Aramco, in Manifa, Saudi Arabia.
Simon Dawson | Bloomberg | Getty Images
Oil giant Saudi Aramco has reported a 50% drop in net income for the first half of its fiscal year, reflecting a devastating year for oil markets and the global economy as the world continues to fight the coronavirus pandemic.
In a publication released Sunday, the company said its net income fell to $ 23.2 billion in the first six months of the year, with half falling from $ 46.9 billion over the same period in 2019 .
The majority of Saudi Arabia’s oil company and the world’s largest predator also maintained its $ 18.75 billion dividend in the second quarter, saying it will be paid in the third quarter. The first quarter dividend of the same amount was paid in the second quarter.
Total free cash flow at the company came to $ 21.1 billion for the first half, down from $ 38 billion the year before.
The results come a week after Aramco broke through its title as the largest listed company in the world through market capitalization to Apple.
The financial results for the second quarter reflect the biggest shock to global energy markets in decades.
“Strong winds of lower demand and lower oil prices are reflected in our second quarter results,” Aramco President and CEO Amin Nasser said in the release.
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