Saudi Aramco Q1 profit dives, virus to hit 2020 results

Energy giant Saudi Aramco on Tuesday reported a 25 per cent slump in first-quarter net profits due to low oil prices, and said the coronavirus crisis will dampen demand and earnings in the year ahead.

The world’s largest listed firm said it posted a net profit of 62.5 billion riyals ($16.66 billion) in the first three months of the year, compared to $22.2 billion a year earlier.