Saudi Arabian state oil group Aramco on Sunday reported a 73.4% fall in secondquarter 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.
- Reuters
- Last Updated: August 9, 2020, 12:36 PM IST
DUBAI Saudi Arabian state oil group Aramco on Sunday reported a 73.4% 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 ($6.57 billion) 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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($1 = 3.7501 riyals)
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