Saudi Aramco's Q2 net profit plunges 73.4% on lower oil prices

Saudi Aramco's Q2 net profit plunges 73.4% on lower oil prices

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refiner
FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (REUTERS/Ahmed Jadallah)

DUBAI: Saudi Arabian state oil group Aramco on Sunday (Aug 9) reported a 73.4 per cent 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 (US$6.57 billion) for the quarter to Jun 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. 

Source: Reuters/kv

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