Saudi Aramco reports H1 2019 net income of $46.9 bln

12/08/2019 Argaam

 

Saudi Aramco on Monday announced for the first time its half-year financial results. The company’s net income was $46.9 billion for the first half of 2019, compared to $53 billion for the same period last year, the company said in a statement.

 

Earnings before interest and tax was $92.5 billion, compared with $101.3 billion a year earlier, while free cash flow was $38 billion, compared to $35.6 billion for the same period last year.

 

Capital expenditure was $14.5 billion, compared to $16.5 billion for the same period in 2018, the statement added.

 

“Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline,” the President and CEO of Saudi Aramco Amin H. Nasser, said.

 

Disclosing our financial results for the first time, as part of our $12 billion debut international bond issuance, marked a significant milestone in Saudi Aramco’s history,” he added.

 

“Looking ahead, we will maintain a prudent and flexible balance sheet. Our financials are strong and we will continue to invest for future growth,” he said.

 

Aramco’s Income Statement (SAR bln)

Period

H1 2018

H1 2019

Variation

Revenue

628.8

614.6

(2%)

Aggregate cost

(249.2)

(266.7)

+7%

Operating Income

379.6

347.9

(8%)

Financing & JVs

(0.3)

(1.0)

--

Net income before tax

379.6

346.8

(9%)

Income tax

(180.8)

(171.0)

(5%)

Net Profit

198.8

175.9

(12%)

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.