Saudi Arabia’s state-backed oil company Aramco said Sunday that its profits in 2020 slumped by 44.4%, registering $49 billion.

The oil giant said it gained 138 billion Saudi riyals ($49 billion) in 2020, compared to 330.7 billion riyals ($88.2 billion) in 2019.

The world's largest oil company said the drop was due to the coronavirus pandemic that roiled the world's energy markets in 2020.

“In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility," Aramco chief executive Amin Nasser said.

The Saudi oil company, however, said it maintained to distribute dividends payout to its shareholders worth of $75 billion for 2020.

Saudi Arabia was badly affected by the coronavirus pandemic as its oil exports decreased amid a drop in oil prices.

In 2020, the kingdom registered a deficit of $79.5 billion where its revenues reached $205.5 billion while its expenditure mounted to $285 billion.

Saudi Arabia’s 2021 budget also registered a deficit of $38 billion as it expects to spend $264 billion while its revenues are expected to reach $226 billion./agencies