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Bloomberg Markets and Finance features news about financial markets from around the world. Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
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May.12 — Saudi Aramco, the kingdom’s state-controlled oil giant, retained its massive dividend despite a 25% plunge in profit, and signaled it would keep spending in check as it braces for deeper damage from the oil crisis. Annmarie Hordern reports on “Bloomberg Surveillance.”Bloomberg YouTube Channel
Saudi Aramco would be paying dividends totalling USD $75 billion, this year, $19 billion of which would come in Q1, despite a 25% drop in profit following a price war with Russia and the devastating impacts of the novel coronavirus on oil consumption globally.
Speaking for Bloomberg, Annmaria Hordern told how the dividend for Saudi Aramco is “crucial” owing to the Saudi Government owning around 98% of the shares, which she said “certainly needs that dividend”. She added that Credit Suisse is saying revenues from oil will be insufficient to cover the Saudi Government budget in the near future.