#Saudi Aramco expected to post profits drop in first results since IPO - Arabianbusiness

Saudi Aramco expected to post profits drop in first results since IPO - Arabianbusiness:

Saudi Aramco is expected to announce a drop in profits as it unveils Monday its first annual results since its listing, as the energy giant grapples with sinking oil prices.

The 2019 financial results follow an initial public offering on the domestic stock exchange in December, which raised a record $29.4 billion from a sale of 1.75 percent of the company.

The results will not reveal the impact of the new coronavirus or the Saudi decision to slash crude prices after OPEC and its allies failed to reach a deal on production cuts, sending global markets into a tailspin this week.

In April 2019, the secretive company opened up its accounts to ratings agencies for the first time, revealing a net profit of $111.1 billion for the previous year.