Saudi Aramco saw its net income decline by 44% in the third quarter of 2020, from the same period last year, according to the financial results statement released by the world's largest crude oil-producing firm on Tuesday.
The company known as Saudi's crown jewel posted a net income of $11.79 billion for the July-September period of the year, representing a 44.6% drop from the $21.29 billion recorded during the same period last year. However, net come for the July-September period was 79.5% higher than the $6.57 billion posted in the second quarter of the year.
Revenue and other income related to sales came in at around $60.96 billion in the third quarter of 2020 -- a 25% decline from the $81.24 billion posted in the third quarter of 2019.
The company's capital expenditure saw a decrease of 21.1% to $6.38 billion in the third quarter of this year, from $8.09 billion for the same period last year.
"We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets," Aramco President and CEO Amin H. Nasser said in the statement.
"Meanwhile, we maintained our commitment to shareholder value by declaring a dividend of $18.75 billion for the third quarter," he added.
By Firdevs Yuksel