Saudi Arabia's state oil giant Aramco said on Sunday its 2019 pro...
FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
DUBAI - Saudi Arabia’s state oil giant Aramco said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes. Aramco posted a net profit of 330.69 billion Saudi riyal after zakat and tax in the period ended Dec. 31, down from 416.52 billion riyals a year earlier.
Analysts expected Aramco to post a net profit of 346.6 billion riyals in 2019, according to an estimate of 15 analysts polled by Refinitiv. Aramco, the world’s top oil producing company, raised $29.4 billion in a record initial public offering in December last year.Our Standards:
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