Saudi Aramco on Sunday reported a 20.6 per cent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.
These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.
Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday’s statement said.
“The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins,” it said.
The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.
