Saudi Arabia’s state-owned oil behemoth, Aramco, has announced a substantial decline of nearly 38% in its second-quarter net profit, a reflection of diminished oil prices and slimmer margins within the refining and chemicals segments.
Aramco’s net profit for the quarter ending on June 30 plummeted to 112.81 billion riyals ($30.07 billion), a notable contraction from the 181.64 billion recorded in the corresponding period the previous year. The disclosure was made through a filing on the stock exchange. Despite this decline, the reported figure exceeded the $29.8 billion projection provided by 15 analysts in a poll facilitated by Aramco.
(Note: The exchange rate used is $1 = 3.7513 riyals)