Saudi Aramco profits tumble from record high

Saudi Aramco profits tumble from record high

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Saudi Aramco’s second-quarter profits tumbled by more than a third from last year’s record highs as a lower oil price and production cuts eroded the group’s performance.

Net income at the state-owned group was $30.1bn in the second quarter, down 38 per cent from a record $48.4bn a year ago, the company said in a statement on Monday.

Analysts had forecast net income of $29.8bn, according to an average compiled by the company.

Saudi Aramco said it would maintain its quarterly dividend payment at $19.5bn and make an additional payout to shareholders of $9.9bn in the third quarter, the first under a new performance-linked dividend programme announced in May.

Saudi Arabia warned last week that it could deepen cuts to oil production as it extended its voluntary supply curbs with Russia for another month.