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SAUDI ARAMCO’S Q2 NET PROFIT PLUNGES 73.4 % ON LOWER OIL PRICES DUE TO COVID-19 PANDEMIC

7 months ago | World | 0 comments

By Xai Reyes

Saudi Arabian state oil group Aramco on Sunday (Aug 9) reported a 73.4 percent fall in second-quarter net profit, a steeper drop than analysts had expected, hit by lower crude oil prices and declining refining and chemical margins, as the COVID-19 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.

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