Lower oil prices send Saudi oil giant Aramco’s first quarter profit down 19% – Reuters
- Date: 09-May-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Lower oil prices send Saudi oil giant Aramco’s first quarter profit down 19% – Reuters
DUBAI, May 9 (Reuters) - Saudi oil giant Aramco's (2222.SE) first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices.
Profit still beat analysts' median forecast of $30.8 billion, according to Refinitiv data, and Aramco said the decline was partially offset by lower taxes including in the zakat Islamic tax and a rise in finance and other income.
Net profit was 3.75% higher than in the fourth quarter.
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