DUBAI: Saudi Arabian state oil group Aramco on Tuesday reported a 44.6 percent drop in third-quarter net profit, in line with analysts’ estimates, dented by lower crude oil prices and volumes sold as the coronavirus crisis choked demand.
Weaker refining and chemicals margins have also hit the company’s net profit, which fell to $11.79 billion for the quarter ended Sept. 30 from $21.29 billion riyals last year.
Analysts had expected a net profit of $11.89 billion in the third quarter, according to the mean estimate from three analysts, provided by Refinitiv.
“We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets,” Saudi Aramco Chief Executive Officer Amin Nasser said in a statement.
The company said it would distribute a dividend of $18.75 billion for the third quarter of this year, in line with its plan to pay a base dividend of $75 billion for 2020.
Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
https://arab.news/m3fb8
Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
- Weaker refining and chemicals margins have also hit the company’s net profit
- Company said it would distribute a dividend of $18.75 billion for the third quarter of this year
Driving force behind Saudi motorsport lauds partnership with Formula E ahead of Jeddah E-Prix 2026
- Prince Khalid bin Sultan Al-Abdullah Al-Faisal: We are proud to continue our partnership with Formula E, which represents a model for the future of sports based on innovation and sustainability
- Alberto Longo: We are delighted to be in the Kingdom, and we view Saudi Arabia as a long-term strategic partner in building the future of electric motorsport globally
JEDDAH: The driving force behind Saudi motorsport, Prince Khalid bin Sultan Al-Abdullah Al-Faisal, has lauded its partnership with Formula E ahead of the Jeddah E-Prix.
“For Saudi Arabia to host such prestigious international motor races is a great honor. We are proud of that, as part of our drive to achieve the aims of Saudi Arabia Vision 2030,” said Prince Khalid bin Sultan, Chairman of the Saudi Automobile and Motorcycle Federation (SAMF) and the Saudi Motorsport Company (SMC).
The announcement was made at a major press conference that took place at Jeddah Corniche Circuit on Thursday in the presence of Alberto Longo, the Co-Founder & Chief Championship Officer of Formula E and Carlo Boutagy, the Founder and CEO of CBX.
Speaking ahead of the ABB FIA Formula E World Championship, taking place at the iconic Jeddah Corniche Circuit on 13 and 14 February 2026, Prince Khalid told press: “Since hosting its first international race in 2018, motorsports in the Kingdom has witnessed a qualitative leap in terms of organization, audience attendance, and global standing, and today the Kingdom has become a major stop on the calendar of the most important international championships.”
He added: “We are proud to continue our partnership with Formula E, which represents a model for the future of sports based on innovation and sustainability, and is fully aligned with the goals of Saudi Vision 2030.”
For his part, Alberto Longo, the Co-Founder & Chief Championship Officer of Formula E, stated that Saudi Arabia was among the first partners to believe in the vision of Formula E, he said: “We are proud that our first major international station in the region is part of the transformation path led by Vision 2030.”
He added: “We are delighted to be in the Kingdom, and we view Saudi Arabia as a long-term strategic partner in building the future of electric motorsport globally.”
Carlo Boutagy, the Founder and CEO of CBX spoke to the press about the event and what the Formula E enthusiasts expect this year, he said: “The Jeddah E-Prix achieved great popular and organizational success in the last edition, with tickets selling out before the race date, which reflects the rapid growth of motorsports in the Kingdom.”
“Today we are not just talking about a race, but about a complete experience that includes competition, entertainment, audience interaction, and presenting a modern model for the sports events industry in the Kingdom,” he added.
He pointed out that beyond racing, the event offers a full entertainment experience, including concerts, interactive fan zones, and global sponsor activities designed to engage attendees of all ages.
