Saudi Aramco's second-quarter net profit plunges 73.4% on lower oil prices
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FRIDAY, FEBRUARY 03, 2023
Saudi Aramco's second-quarter net profit plunges 73.4% on lower oil prices

Global Economy

Reuters
09 August, 2020, 01:40 pm
Last modified: 09 August, 2020, 01:44 pm

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Saudi Aramco's second-quarter net profit plunges 73.4% on lower oil prices

Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier

Reuters
09 August, 2020, 01:40 pm
Last modified: 09 August, 2020, 01:44 pm
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Reuters/Maxim Shemetov
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Reuters/Maxim Shemetov

Saudi Arabian state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had expected, hit by lower crude oil prices and declining refining and chemicals margins, as the coronavirus hit demand.

Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.

Analysts had expected a net profit of 31.3 billion riyals in the second quarter, according to the mean estimate from three analysts, provided by Refinitiv.

Top News / World+Biz

Saudi Aramco / Oil

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