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Saudi Aramco's 2019 profit down 21%, cuts spending

15 March 2020 18:34 (UTC +04:00)

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, APA reports citing Reuters.

Aramco posted a net profit of 330.69 billion Saudi riyal ($88.11 billion) 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 ($92.35 billion) 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.