Saudi Aramco's earnings remain solid, despite lower oil prices

Mon, 10 Aug 2020

Saudi Aramco's earnings remain solid, despite lower oil prices

Lola Evans
13 Aug 2019, 00:03 GMT+10

Saudi Aramco announced its financial results for the first half on Monday, including first-half net earnings of $46.9 billion
The result is about 50% higher than that of Apple Inc., the world's most profitable listed company , which took in net earnings of $31.5 billion
Aramco's capital expenditure fell to $14.5 billion compared to $16.5 billion last year

RIYADH, Saudi Arabia - Saudi Aramco has remained the world's most profitable company after reporting first-half net earnings of $46.9 billion.

The result is about 50% higher than that of Apple Inc., the world's most profitable listed company , which took in net earnings of $31.5 billion for the 6 months to 30 June 2019.

Saudi Aramco announced its financial results for the first half on Monday.

Gross income was recorded at $92.5 billion, around 10% below the comparable period of last year of $101.3 billion, reflecgting lower oil prices this year.

Aramco's capital expenditure fell to $14.5 billion compared to $16.5 billion last year. Free cash flow rose from $35.6 billion to $38 billion.

"Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline," President and CEO of Aramco Amin H. Nasser said Monday.

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