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Saudi Aramco 2020 net profit slumps 44.4% as COVID-19 bites

Saudi Aramco 2020 net profit slumps 44.4% as COVID-19 bites

FILE PHOTO: An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

DUBAI: Saudi Arabian state oil giant Aramco on Sunday reported a 44.4 per cent drop in 2020 net profit, hit by lower crude oil prices and volumes sold, and weakened refinery margins, as the coronavirus pandemic depressed demand.

Net profit fell to 183.76 billion riyals (US$49.00 billion) for the year that ended December 31, from 330.69 billion riyals a year earlier.

Analysts had expected a net profit of 186.1 billion riyals in 2020, according to the mean estimate of analysts in Refinitiv's Eikon.

Source: Reuters

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