Aramco reveals a significant increase in its net debt to equity ratio

The Saudi Oil Company (Aramco) reported that its net debt to equity ratio more than doubled, reaching 55% in 2020, from 26% a year ago (2019).

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The company’s financial results report showed that net debt rose to 605.9 billion Saudi riyals (about 161.56 billion dollars) last year, from 270.2 billion riyals in 2019.

The Saudi National Oil Company revealed earlier that the 2020 profit fell by 44%, due to the decrease in crude prices and the quantities sold of it, and the decline in the profit margins of the refineries.

Source: “Reuters”

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