Saudi Oil Giant Aramco Loses 12 Billion Riyal in Quarterly Profits
One of the top oil companies in the world and Saudi state producer Aramco has lost a whopping 12 billion riyals in its quarterly profits owing to the fall in oil prices amid Coronavirus pandemic. Aramco, which went public last year, reported a net profit of 62.48 billion riyals ($16.64 billion) for January to March 2020 and had reported 83.29 billion riyals for the same period last year.
In contrast, the analysts had predicted an estimated $17.8 billion profit by Aramco who fell short and settled at $16.64 billion.
The 25% fall in the net profit reflected the sharp decline in international crude oil prices which saw Brent crude prices fall by 65% within the first three months of this year due to low demands on the back of Coronavirus.
“Looking ahead to the remainder of 2020, we expect the impact of the Covid-19 pandemic on global energy demand and oil prices to weigh on our earnings,” said CEO Aramco Amin Nasser.