News
Oil giant Saudi Aramco posts sharp drop in second-quarter profit as lower prices bite
Saudi state oil giant Aramco reported 112.81 billion riyal ($30.07 billion) in net profit in the second quarter, in a sharp drop from the $48.4 billion recorded in the same period of last year amid a decline in hydrocarbon prices.
Second-quarter profit nevertheless came slightly above analyst expectations near $29.8 billion.
Analysts had expected second quarter profit of $29.8 billion.
This is a breaking news story and is being updated.
Source: CNBC
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