Profits of Saudi energy companies fall 20.7 percent in 2019
Profits of Saudi energy companies listed on the local stock market fell 20.7 percent last year to 331.1 billion riyals (88.3 billion dollars).
And those 5 companies recorded a net profit of 417.8 billion riyals ($ 111.4 billion) in 2018.
According to the Anatolia survey, based on the companies ’disclosures on the stock exchange website, the profits of“ Aramco ”, the largest oil and energy sector companies and the largest profitable in the world, fell during 2019 by 20.6 percent to 330.7 billion riyals ($ 88.2 billion), which is the first profit announced after Listing the company on the local stock exchange, December 2019.
The company previously made profits of 416.5 billion riyals ($ 111.1 billion) in 2018.
Aramco, the world’s largest oil company, said the decline was due to a decline in crude oil prices and production quantities, in addition to lower profit margins for the refining and chemical sectors.
The marine company, which specializes in maritime transport, recorded the second highest profit from the profitability of the sector at 621 million riyals ($ 165.5 million) in 2019, a growth of 29 percent.
Bahri is owned by Aramco by 20 percent, and the Public Investment Fund by 22.55 percent.
The profits of “Aldrees” company, which specializes in gas stations in the country, increased by 336 percent to 292 million riyals ($ 77.8 million).
The profits of Al-Masafi Company increased by 18 percent to 17 million riyals ($ 4.6 million).
On the other hand, the company “Petro Rabigh” recorded losses amounting to 544 million riyals (145.1 million dollars).
The company restored its losses to a lower profit margin for refined and petrochemical products.