Saudi Aramco Third-quarter Profit Falls 44.6% To 44.21 Billion Riyals
DUBAI: Saudi Arabian state oil group Aramco on Tuesday reported a 44.6% drop in third-quarter net profit, in line with analysts’ estimates, hit by lower crude oil prices and volumes sold, and weaker refining and chemicals margins as the coronavirus depressed demand.
Net profit fell to 44.21 billion riyals ($11.79 billion) for the quarter to September 30 from 79.84 billion riyals a year earlier.
Analysts had expected a net profit of 44.6 billion riyals in the third quarter, according to the mean estimate from three analysts, provided by Refinitiv.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Stay connected with us on social media platform for instant update click here to join our ????️????️ Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Business headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you.
