Thank you for reading the news about Dubai property finance provider Amlak losses widen to $122.8m and now with the details
Jeddah - Yasmine El Tohamy - DUBAI: Saudi Aramco declared a $75 billion full year dividend on Sunday as the world's biggest oil company reported a decline in 2020 profits.
It posted a 44.4 percent drop in net income to $49 billion in 2020, as the global energy industry emerged from the impact of lower crude oil prices and the COVID-19 pandemic.
The company, listed on the Saudi stock exchange, said revenues declined 30.5 percent to $204.83 billion.
“In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility,” said Aramco CEO Amin Nasser.
“Our exceptional performance during such testing times owed much to the unwavering spirit and resilience of our employees, who set operational records and continued to meet the world’s energy needs both safely and reliably,” he added.
In 2020, Aramco’s average hydrocarbon production was 12.4 million barrels per day of oil equivalent, including 9.2 million barrels per day (mmbpd) of crude oil, the company said.
A massive contraction in global oil demand that followed the first pandemic-related lockdowns a year ago has been a major blow to international oil companies as they rapidly re-shape their businesses in response to rapidly changing consumer demand.
“Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up in demand in Asia and also positive signs elsewhere. We remain confident that we will emerge on the other side of this pandemic in a position of strength,” said Nasser.
Aramco said that its international bond issuance in the fourth quarter achieved record demand for a 50-year tranche and was 10 times oversubscribed compared to its initial offering size.
These were the details of the news Dubai property finance provider Amlak losses widen to $122.8m for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.