Aramco’s Apr-Jun profit down 73%, but sees oil market recovery

Energy giant Saudi Aramco has reported a 73 per cent fall in its profit, or the net income, for the April-June quarter to $6.6 billion amid the pandemic.

During the same period of 2019, the company had reported a net income of $24.7 billion. For the first half of 2020, it has reported a net income of $23.2 billion, compared to $46.9 billion reported during the corresponding period a year ago, the company said in a statement.

“Aramco navigated challenging market conditions to record net income of $6.6 billion for the second quarter and $23.2 billion for the first half of 2020, respectively, compared to $24.7 billion and $46.9 billion in the corresponding periods of 2019.

This demonstrates Aramco’s agility, strength and resilience across market cycles,” it said.