The world's largest oil company Saudi Aramco has announced a record $75 billion dividend for 2020 despite it's earnings falling 44% in the same period.
Aramco’s 44.4 percent drop in 2020 profit compares with a 30.7 percent decline in oil revenues last year for the Saudi government. The dividend payout is a key source of revenue for the Saudi Kingdom that owns 98% of the oil giant.
With free cash flow slumping almost 40% to $49 billion there is a concern the company will take on additional debt to fund the dividend payout.
Saudi Aramco still remains the world's most profitable company.