State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year as a slump in energy demand and prices due to the global crisis hit sales at the world's biggest oil exporter.
But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.
All major oil companies have taken a hit in the second quarter as lockdowns limited travel.
Oil consumption reduced and sent prices tumbling to levels not seen in nearly two decades.
Aramco said the crisis had significantly reduced demand for crude oil, natural gas and petroleum products.
Nasser told reporters he'd seen a partial recovery in the energy market and a pick up in demand as economies gradually open up.
The group's dividends play a critical role in helping the Saudi government to manage its fiscal deficit.
Aramco shares were up about 0.4% in early trade. The group is currently the world's second most valuable publicly traded company after Apple.