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Saudi state oil company Aramco pays £54bn dividend

Saudi state oil company Aramco pays £54bn dividend despite lockdowns and international travel bans hitting profits

The Saudi state oil company Aramco has paid a mammoth £54billion dividend despite lockdowns and international travel bans hammering its profits. 

Suffering: Profits fell by 44 per cent as demand and oil prices tumbled last year

Profits fell by 44 per cent as demand and oil prices tumbled last year, meaning Aramco only generated £35billion of free cash flow, well short of the amount needed to cover the dividend. 

But chief executive Amin Nasser is ‘optimistic’ for 2021 because the vaccine rollout has helped spark a rebound in demand.

Read more at DailyMail.co.uk