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Dhahran 12 -8-2019 SPA
Saudi Aramco today announced for the first time in its history its financial results for the first half of 2019, achieving a net income of $ 46.9 billion, compared to $ 53.0 billion for the same period last year. EBITDA for the first half of this year was $ 92.5 billion, compared to $ 101.3 billion for the same period last year, while free cash flows were $ 38 billion, compared to $ 35.6 billion for the same period last year. Capital reached $ 14.5 billion, compared to $ 16.5 billion for the same period in 2018.
Commenting on the results, Saudi Aramco President and Chief Executive Officer Amin Hassan Al Nasser said: “ Despite the decline in oil prices during the first half of 2019, we continued to achieve strong profits and free cash flows supported by our ability to maintain our operational performance, expense management and discipline. Financial.
He stressed that the disclosure of the financial results for the first time, in the framework of its first issuance of international bonds worth $ 12 billion, was a milestone in the history of Saudi Aramco.
He added that the company proved its reliability by meeting almost 100% of the needs of its customers of oil and refined products, while maintaining its total production of hydrocarbons at the level of 13.2 million barrels of oil per day, and the average daily production of crude oil of 10 million barrels per day.
“Based on Saudi Aramco’s leading position in the upstream sector, we have continued to implement a growth strategy in the refining, processing and marketing sector, including acquisitions both within the Kingdom and in major international markets. These deals are expected to contribute In enhancing the crude oil sales capacity in the secured markets, increase refining capacity and chemical production, achieve value of integration, in addition to diversification of the company’s business.
He added that we have signed an agreement to acquire 70% of the shares of Saudi Basic Industries Corporation (SABIC), which is among the largest companies in terms of income in the field of petrochemicals in the world, which is a qualitative leap in accelerating growth in the refining, processing and marketing sector through the integration of Petrochemicals and refining, enhancing profitability and value added from every molecule produced by the company.
He explained that the company has expanded in the petroleum products trade sector and has strengthened its innovation efforts through a number of pilot projects and initiatives such as the conversion of crude oil to chemicals, the manufacture of non-metallic materials, and hydrogen fuel technology.
The company’s performance in the field of environment and safety remains at the forefront of the company’s approach, as Saudi Aramco is particularly proud to announce for the first time in its history that the carbon intensity of exploration and production in the company ranks among the lowest levels globally.
“Saudi Aramco has the solvency to continue investing for future growth, and we will continue to maintain the strength and resilience of our financial position as our investments continue to grow,” concluded Al Nasser.
For conformance and definitions of standards not included in the requirements of IFRS For the first half of 2019 financial results report, please visit: www.saudiaramco.com/investors
Saudi Aramco will discuss its half-year financial and operational results through an online broadcast that will be posted on the Internet on August 12, 2019 at 4 pm KSA (2 pm UK time). The webcast will be available at www.saudiaramco.com/investors.
