#Saudi Aramco first-quarter net profit slides 25% as oil prices tumble - Reuters

Saudi Aramco first-quarter net profit slides 25% as oil prices tumble - Reuters:

Saudi Arabian state oil giant Aramco on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion base payout to shareholders for the year.

Brent crude prices fell 65.6% in the first quarter, before OPEC+ producers agreed to cut oil supply by a record 9.7 million barrel per day starting from May to help shore up plunging prices and curb oversupply. [O/R] Net profit fell to 62.48 billion riyals ($16.64 billion) after zakat and tax for the quarter to March 31 from 83.29 billion a year earlier.

Analysts had expected a profit of $17.8 billion, according to the mean estimate from Egyptian investment bank EFG-Hermes, Saudi Arabia’s Al Rajhi Capital and Dubai-based Arqaam Capital. 


Shares of Aramco were up 0.8% at 31.15 riyals at 0730 GMT, still trading below the IPO price of 32 riyals.