Oil giant Saudi Aramco reports $31.88 billion profit in Jan-Mar quarter
Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down from $39.47 billion the same quarter last year.
The firm known formally as the Saudi Arabian Oil Co. blamed the drop on lower global oil prices. Aramco made a $30.73 billion profit in the fourth quarter of last year.
In March, Aramco announced earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists amid concerns about climate change.
