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Oil Giant Aramco Sticks With Dividend Even as Profit Slumps

  • Saudi Aramco’s profit fell 73% year-on-year in second quarter
  • Unlike BP, Shell, Aramco maintained dividend for the quarter
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Saudi Aramco Sticks With Dividend Even as Profit Slumps
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Saudi Arabia’s state-controlled oil giant pressed ahead with a plan to pay $75 billion in dividends this year despite sliding profit and a surge in debt, as the kingdom battles a widening budget deficit.

Saudi Aramco said net income for the three months ending in June fell to 24.6 billion riyals ($6.6 billion), down 73% from a year earlier, after crude prices collapsed. Aramco will pay a dividend of $18.75 billion for the quarter, most of it to the government, which owns around 98% of the company’s stock.