Oil giant Saudi Aramco on Sunday reported a drop of 4.6 per cent in its first-quarter net profits as lower sales and higher operating costs hit the lynchpin of the kingdom鈥檚 ambitious economic reform plans.
Profits fell due to 鈥榣ower revenue and other income related to sales as well as higher operating costs鈥�, read a statement published by the Saudi stock exchange.
鈥楪lobal trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,鈥� said Aramco president Amin H Nasser.
Net income for the first quarter of the year came in at 97.54 billion riyal ($26.01 billion), compared to 102.27 billion riyal ($27.27 billion) for the same period in 2024.
鈥楢ramco鈥檚 robust financial performance once again demonstrated the company鈥檚 unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology,鈥� added Nasser.聽