Saudi Aramco, the world's largest oil company, saw a steep decline in 2020 to $ 49 billion. Due to the epidemic, worldwide movement was curbed. The energy sector has been severely affected globally, leading to a sharp decline in the company's profits. This brought the prices of petroleum products to their all-time low.
Saudi Aramco, the world's largest oil company, saw a steep decline in 2020 to $ 49 billion. Due to the epidemic, the worldwide movement was curbed, bringing the prices of petroleum products to their all-time low. $49 billion with a sharp decline in the Saudi Arabian government profits of the largest oil company Aramco, the world supported the petroleum sector in 2020 i.e., Rs 3.55 lakh crore. The energy sector has been severely affected globally due to the coronavirus epidemic, which has led to a tremendous decline in the company's profits. In 2019, the company made a profit of $ 88.2 billion. In the previous year i.e. 2018, the company had a profit of $ 111.1 billion. Aramco is one of the most valuable companies in the world.
The Saudi Arabian Oil Company released its financial results on Sunday. Due to the epidemic, worldwide movement was curbed, which brought the prices of petroleum products to their all-time low. However, in recent weeks, crude oil prices have gone up due to easing restrictions on movement, opening of business and the Covid-19 vaccination campaign. According to Aramco, even though the company has incurred losses, it will fulfil the promise of paying a dividend of $ 18.75 billion or $ 75 billion annually on a quarterly basis. The company made this promise during the IPO. By the way, one thing to note here is that the government of Saudi Arabia has a 98 percent stake in the company, that is, 98.5 percent dividend has to go in the government's pocket.
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