Aramco which is Saudi Arabian state oil group announced its financial quarterly result on Tuesday reporting a massive drop in profit due to current pandemic. The company’s net profit dropped by 44.6% in the third quarter as expected by the analysts. The massive decline in profit is due to low crude oil demand and prices during the Coronavirus crisis.
The profit also declines due to weaker refining and chemical margins which fell to $11.79 billion for the reported quarter ended September 30, 2020.
Saudi Aramco Chief Executive Officer Amin Nasser said that there was some recovery in the third quarter due to improved economic activity, despite the low demand from global energy markets.
The company announced a dividend of $18.75 billion for the reported quarter, in line to pay a base dividend of $75 billion for 2020. The Dividend from Aramco plays a Significant role in managing the Saudi government`s financial shortfall.
The Coronavirus pandemic forced another business to collapse and this time the parent company of Friendly’s, FIC Restaurants filed the bankruptcy protection due to plunge sales. The company signed the deal with Amici Partners Group to sell its all assets in nearly $2million according to a Monday court filing and requested the court to approve the sale in mid-December.
Friendly’s is well known for its ice cream joins the other restaurant chains such as Chuck E and Ruby filed bankruptcy due to current pandemic. Experts say that more restaurants can go bankrupt due to the 2nd wave of Coronavirus and low demand for outdoor dining in cold weather. Nearly all the Friendly’s 130 restaurants are expected to remain operational with restrictions.
FIC Restaurants CEO George Michel said that restaurant businesses had a catastrophic impact of COVID-19 and there is no dine-in operation for many months now.
This is not their first time to file bankruptcy. Fri Friendly’s and its subsidiaries included its ice cream business and restaurant operations were in bankruptcy court in 2011 when Dean Food bailed out them by buying their ice-cream business in 2016.