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Saudi Arabian Oil Co. Announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 123.23286.81-57.034225.57-45.369
Gross Profit (Loss) -----
Operational Profit (Loss) 53.09181.26-70.71129.73-59.076
Net Profit (Loss) after Zakat and Tax 24.6292.59-73.40962.48-60.595
Total Comprehensive Income 24.988.71-71.93147.93-48.049
All figures are in (Billions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 348.8556.11-37.278
Gross Profit (Loss) ---
Operational Profit (Loss) 182.82347.88-47.447
Net Profit (Loss) after Zakat and Tax 87.1175.87-50.474
Total Comprehensive Income 72.83169.68-57.078
Total Share Holders Equity (after Deducting Minority Equity) 1,025.571,012.951.245
Profit (Loss) per Share 0.440.88
All figures are in (Billions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to Saudi Aramco recorded net income of SAR 24.62 billion ($6.57 billion) for the second quarter of 2020, compared to SAR 92.59 billion ($24.69 billion) for the same quarter of 2019, mainly reflecting the impact of lower crude oil prices and declining refining and chemicals margins, partly offset by a decrease in production royalties resulting from lower crude oil prices and a decrease in the royalty rate from 20% to 15%, lower income taxes and zakat as a result of lower earnings, and higher other income related to sales for gas products.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income for the second quarter of 2020 was SAR 24.62 billion ($6.57 billion), compared to SAR 62.48 billion ($16.66 billion) for the first quarter of 2020. This primarily reflects the impact of lower crude oil prices, partly offset by a decrease in production royalties, lower income taxes and zakat, and the absence of inventory re-measurement losses that impacted the first quarter of 2020.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Net income for the first half of 2020 was SAR 87.10 billion ($23.23 billion), compared to SAR 175.87 billion ($46.90 billion) for the same period in 2019. The impact of lower prices, inventory re-measurement losses and reduced refining and chemicals margins on 2020 net income was partly offset by the decrease in production royalties, lower income taxes and zakat, and higher other income related to sales for gas products.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain comparative amounts in the Condensed Consolidated Statement of Income for the three-month and six-month periods ended June 30, 2019 have been reclassified to conform to the current period presentation. Such reclassifications did not impact the previously reported net income. These include certain sales of crude oil and related purchases of refined products in the amount of SAR 2.85 billion ($0.76 billion) and SAR 5.39 billion ($1.44 billion), respectively, which are presented in the Condensed Consolidated Statement of Income as revenue and purchases, reflecting current trading arrangements, and producing and manufacturing costs in the amount of SAR 1.63 billion ($0.43 billion) and SAR 3.20 billion ($0.85 billion), respectively, which are presented in the Condensed Consolidated Statement of Income as purchases.
Additional Information * Given the nature of Saudi Aramco’s business in prospecting, exploring, drilling and extracting hydrocarbon substances (Upstream), Saudi Aramco’s consolidated statement of income does not include gross profit.
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The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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