DUBAI: Saudi Arabian oil giant Aramco’s net debt-to-equity ratio more than doubled to 55pc in 2020 from 26pc a year earlier, the company said in a financial results report.
Net debt rose to 605.9 billion riyals ($161.56 billion) last year from 270.2 billion riyals in 2019, the results showed.
The world’s largest oil exporter said on Sunday net profit fell 44.4pc to 183.76 billion riyals ($49 billion) for the year ended Dec 31, from 330.69 billion riyals a year earlier, as the Covid-19 pandemic depressed global demand for crude.
But despite the sharp decline in profits, it maintained its pledge to declare a $75 billion dividend for 2020, most of which goes to the Saudi government.
In its financial results report the company said payments to the government last year totalled around 412 billion riyals ($109.85 billion), about 30pc less than in 2019.
Those payments include dividends, royalties and income taxes.
The figure is in line with Saudi estimates in December, when the government said it expected state oil revenues to drop by over 30% year on year to 412 billion riyals.