Saudi Aramco’s net income plunged by 50% in the first half of the year, according to figures published on Sunday, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world’s biggest oil producers.
Profits for the first six months of the year plunged to $23.2 billion, half of last year’s $46.9 billion for the same time period.
The results were announced as Aramco’s second quarter earnings dipped to $6.6 billion compared to $24.7 billion during the same time last year, reflecting a staggering 73% drop.
The majority state-owned company’s financial health is crucial to Saudi Arabia’s stability. Despite massive efforts by Saudi Crown Prince Mohammed bin Salman to diversify the economy, Saudi Arabia still depends heavily on oil exports to fuel government spending.
