News Saudi Aramco profit plunges

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Saudi Aramco profit plunges

News Saudi Aramco profit plunges

Saudi Aramco’s multibillion-dollar share sale, likely the biggest initial public offering (IPO) in history, is officially underway after the company formally announced its plans to list stock on the Kingdom’s stock exchange, the Saudi Tadawul.

Saudi Arabian state oil giant Aramco on Tuesday reported a 25 percent fall in first-quarter net profit, hurt by lower oil prices and coronavirus.

Net profit fell to 62.48 billion riyals ($16.64 billion) after zakat and tax for the quarter to March 31 from 83.29 billion a year earlier.

The profit fell below analyst estimates.

Analysts had expected a profit of $17.8 billion, according to the mean estimate from Egyptian investment bank EFG-Hermes, Saudi Arabia’s Al Rajhi Capital and Dubai-based Arqaam Capital.

Aramco said the results reflected “lower crude oil prices, as well as declining refining and chemicals margins and inventory re-measurement losses.”

Brent crude prices fell 65 percent in the first quarter, before OPEC+ producers agreed to cut oil supply by a record 9.7 million barrel per day starting from May to help shore up prices and curb oversupply.

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