#Saudi Aramco's debt-to-equity ratio more than doubles in 2020 | Reuters

Saudi Aramco's debt-to-equity ratio more than doubles in 2020 | Reuters

Saudi oil giant Aramco’s debt-to-equity ratio more than doubled to 55% in 2020 from a year before, it said in a report, after the group kept a pledge to deliver a $75 billion dividend to support state coffers despite a slide in profits.

Net debt rose to 605.9 billion riyals ($161.6 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 44.4% to 183.8 billion riyals for the year ended Dec. 31 as the COVID-19 pandemic depressed global crude demand.

However it maintained its pledge to declare a $75 billion dividend for 2020, most of which goes to the Saudi government.