Aug 28, 2020, 14:45 EST
Bronx, United States, Aug 28, 2020, 14:45 /Comserve / -- In order to optimise the company’s portfolio, the Saudi Arabian Oil Company or Aramco has announced that it will be establishing a Corporate Development organisation. This organisation will be operational from Sept 13, 2020
Dhahran, Saudi Arabia, 24, Aug 2020- In order to optimise the company’s portfolio, the Saudi Arabian Oil Company or Aramco has announced that it will be establishing a Corporate Development organisation. This organisation will be operational from Sept 13, 2020.
The Corporate Development organisation has been made to assess its existing assets, secure a greater access to growth markets and to create value by strategic alignment and portfolio optimization. This organisation will be helping in effective and rapid decision making on company’s portfolio. The goal will be to strengthen the firm’s agility, resilience, and ability to respond to the ever-changing dynamics of the market. Abdulaziz M. Al-Gudaimi, the Senior Vice President of Aramco, will be leading this organisation. He will be reporting directly to the President & CEO, Amin H Nasser. Nasser further commented on the goals of the organisation. He said that it will be focused on various growth opportunities as the company strengthens and sharpens its strategic focus for optimising the portfolio. This will in turn maximise the value for Aramco’s shareholders.
The organisation will also help in enhancing the company’s abilities in harnessing robust processes for an effective and efficient execution of its business development strategies.
It must be noted that this organisation constitutes a refinement of Saudi Aramco’s existing corporate development model and it’s not a fundamental organisational change. The Corporate Development Organisation will be supporting the company’s efforts in identifying the best possible opportunities for the successful growth and optimisation of its business.
Despite of the ongoing coronavirus (COVID-19) pandemic, Aramco continued to deliver as per its commitment to the shareholders by declaring its dividend at USD 18.75 billion for the second quarter which is far more than what it declared in the second quarter of 2019, i.e. USD 13.4 billion. Its net income for the second quarter of 2020 was recorded at USD 6.6 billion which was USD 24.7 billion in the corresponding period in 2019. This slump in revenue is due to the ongoing pandemic which forced governments around the world to force strict lockdown measures. People were forced to sit at home keeping them away from travelling. Aramco’s net income for the first half of 2020 was recorded at USD 23.2 billion which is again far less as compared to 2019’s first half at USD 46.9 billion.
About Saudi Arabian Oil Company
Founded in 1933, Aramco is a state-owned trillion-dollar company which is officially known as the Saudi Arabian Oil Company. Headquartered in Dhahran, Saudi Arabia, it’s a multinational natural gas and petroleum company which is valued only next to Apple as of now. It was the first ever company to be valued at USD 2 trillion in December 2019. It also produces the largest amount of oil daily as compared to other oil companies.
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