Saudi Aramco Third-quarter Profit Falls 44.6% To 44.21 Billion Riyals

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Saudi Arabian state oil group Aramco on Tuesday reported a 44.6% drop in thirdquarter 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.

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.

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