Saudi Aramco profits dive in third quarter

Saudi Aramco profits dive in third quarter

RIYADH “” Energy giant Saudi Aramco on Tuesday posted a 44.6 per cent slump in third-quarter profit, as the coronavirus pandemic weighs heavily on the global demand for crude oil.

Aramco, seen as Saudi Arabia's cash cow, has revealed consecutive falls in quarterly profits since it began disclosing earnings last year, piling pressure on government finances as it pursues ambitious multi-billion dollar projects to diversify the oil-reliant economy.

The world's most valuable listed company said it was committed to a bumper dividend even as third quarter net profits dropped to 44.21 billion Saudi riyals ($11.79 billion), compared to $21.3 billion in the same period last year.

Aramco's net profit for the first nine months of this year also dropped 48.6 per cent to $35.02 billion, the company said.

The latest results are in line