Saudi Arabian state oil group Aramco on Sunday reported a 73.4per 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.
FILE PHOTO: The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File PhotoDUBAI: Saudi Arabian state oil group Aramco on Sunday reported a 73.4per 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 for the quarter to June 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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