Saudi Arabia's state-backed oil giant Aramco saw its profit tumble by 44% last year, as coronavirus pandemic restrictions slashed fuel demand around the globe.
Aramco, the world's largest oil company, reported earnings of $49 billion in 2020, down from $88.2 billion in the year before. CEO described last year as "one of the most challenging years in history."
Despite the drop, Aramco said it would pay out $75 billion in annual dividends to shareholders. The company began selling shares publicly in December 2019, yet the Saudi government owns more than 98% of them, .
As with its competitors, Aramco has faced historic headwinds in the oil markets brought on by the coronavirus. Countries have limited travel and work to confront the , sending oil prices spiraling. At one point last year, oil prices dipped below zero .U.S. energy company Exxon Mobil Corp. recorded in 2020, CNN Business reported.
Aramco's earnings report comes after attacks on its facilities, including a drone strike on Friday the Iranian-backed Houthi rebel group in Yemen. The company has said , although hurt production and jolted oil markets.
Aramco's 2020 numbers came in slightly below analysts' expectations but still represents one of the highest profits of any company, according to
Aramco's CEO said he saw encouraging signs going forward.
"We are seeing a pick-up in demand in Asia and also positive signs elsewhere,"
in a statement. "We remain confident that we will emerge on the other side of this pandemic in a position of strength."
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