Saudi Aramco’s profit fell by 44.6% amid the coronavirus outbreak

On Tuesday, Saudi Aramco (2222.SE) reported a 44.6% decline in its third-quarter revenue as the coronavirus pandemic severely affected the fuel demand and crude prices.

The Saudi Arabian multinational petroleum and natural gas company outperformed Exxon (XOM.N), BP, and Shell (RDSA) by more than 50% while Chevron (CVX.N) was down by 40%.

“We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets,” Saudi Aramco’s Chief Executive Officer Amin Nasser stated.

The Saudia Arabian oil company said that it would distribute a dividend of $18.75 billion for the fourth quarter while it plans to pay a base dividend of $75 billion at the end of the year.

Aramco’s net profit went down to 44.21 billion Riyals ($11.79 billion) for three months that ended on September 30.

According to Refinitiv’s IBES data, Aramco’s estimated revenue was worth 44.6 billion Riyals.

Aramco’s shares went up by 1% at 34.4 Riyals.