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Saudi Aramco profits plummet by 50%

by LLB Finance Reporter
9th Aug 20 12:22 pm

One of the worlds largest oil producers Saudi Aramco have seen their net income plummet by 50% in the first six months of the year due to the impact of the global pandemic.

In the first half of the year profits plunged by $23.2bn compared to $46.9bn in the same period of 2019.

Saudi Aramco announced the second quarter earnings had plummeted by 73% to $6.6bn compared to $24.7bn the year before.

Aramco chief executive Amin Nasser said the energy market is making a small recovery as global restrictions are slowly being lifted allowing for more travel boosting economies.

Nasser said, “We are determined to emerge from the pandemic stronger and will continue making progress on our long-term strategic journey, through ongoing investments in our business.”

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