Saudi Aramco Falls 25 Percent in First Quarter

Saudi Aramco Falls 25 Percent in First Quarter

Saudi Arabian oil giant Saudi Aramco fell 25 percent in the first quarter of the year due to falling oil prices. It was reported that the situation causing the decline, as a result of the decrease in demand due to the coronavirus epidemic, oil revenues decreased by 25 percent compared to the same period of the previous year. Saudi Aramco said that in the first quarter of 2020, it fell to 62.48 billion rials ($ 16.6 billion). Saudi Aramco, which stated that it will pay dividends of $ 18.75 billion for the first quarter, said that it will fulfill its shareholder commitment of $ 75 billion for the whole year. Due to the coronavirus epidemic, the company cut spending to maintain its share of promise to shareholders. Saudi Aramco announced in March that its capital expenditures were 30 billion, not 40 billion dollars as planned. In addition, Saudi Aramco's stock price, which was listed on the Riyadh Stock Exchange in December, fell 12 percent this year as a result of a 55 percent drop in Brent. The company's market value fell from 2 trillion to 1.6 trillion.