Oil Giant Aramco Keeps Dividend Despite 45% Slump in Profit
- Saudi firm to pay shareholders $18.75 billion for the quarter
- The government needs the money to help cover budget deficit
Photographer: Simon Dawson/Bloomberg
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Saudi Aramco left its third-quarter dividend unchanged at $18.75 billion even as it failed to generate enough cash to cover the payout and reported a 45% drop in profit.
The world’s biggest oil company generated free cash flow of $12.4 billion between July and September, down from $20.6 billion a year earlier as coronavirus lockdowns hit demand for energy and refining margins.