Saudi Aramco’s second-quarter net profit falls 73.4% on lower oil prices

SourceGulf Insider
SectorFinancial Markets
CountrySaudi Arabia

Image credits: Euromoney.com - Advertisement - Saudi Arabian state oil group Aramco 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, Reuters reported. - Advertisement - RELATED ARTICLESMORE FROM AUTHOR Saudi Arabia Saudi Aramco to Cut Down Carbon Emissions Saudi Arabia Saudi Aramco Increases Fuel Prices Saudi Arabia Saudi Aramco may cut hundreds of jobs this year Saudi Arabia Saudi Aramco Buys 70% of SABIC for $69.1 Billion Saudi Arabia Saudi: Fuel Prices ...read more...