RIYADH, Nov. 3 (Xinhua) -- The Saudi Arabian Oil Company (Aramco) on Tuesday announced a net profit of an equivalent of 11.8 billion U.S. dollars in the third quarter of 2020 and a dividend of 18.75 billion dollars for the quarter.

The results of the third quarter highlight the company's financial and operational strength despite market volatility and the impact of COVID-19 on the global economy, Aramco said in a statement.

Aramco also recorded a free cash flow of 12.4 billion dollars in the third quarter, according to the statement.

"We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets," said Aramco President and CEO Amin H. Nasser in the statement.

With a capital expenditure of 6.4 billion dollars in the third quarter, Aramco continues to execute capital spending optimization and efficiency programs in response to the current business environment, he added. Enditem