Oil giant profit drops 19% in first quarter


Oil giant Saudi Aramco posts 19% drop in first-quarter profit

DUBAI, United Arab Emirates — State oil giant Saudi Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices.

Analysts expected to see a dip in net profit in its most recent quarter compared with the previous year, as inflation and rising interest rates pressure global demand and stoke fears of a recession. Still, Aramco’s net income beat expectations of $30.5 billion, which was forecast by analysts polled by Reuters.

The company’s net profit was up 3.75% from the fourth quarter, according to Reuters. It said that the weaker earnings result was offset by lower taxes and…

Source cnbc.com

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