Saudi energy giant Aramco sees profits slump in Q3

Saudi energy giant Aramco sees profits slump in Q3

Energy giant Saudi Aramco on Tuesday posted a 44.6 percent slump in third-quarter profit, as the coronavirus pandemic weighs heavily on demand for crude oil.

"Net income for the third quarter of 2020 was SR44.21 billion ($11.79 billion)," the company said in a statement, 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 percent to $35.02 billion, the company added.

The results underscore a downbeat oil market as pandemic-driven economic shutdowns crush global demand for crude.

The results are in line with analysts' expectations but stand in contrast to the losses reported by Aramco's rivals, which are reeling from a drop in oil demand since the start of the novel coronavirus pandemic.

Leading analyst says Saudi Arabia will only be