Saudi Aramco’s Q1 profit down 14.5pc

RIYADH, May 7 — Oil giant Saudi Aramco announced first-quarter net profit of US$27.27 billion (RM129 billion) today, down 14.5 per cent from last year as the Gulf kingdom kept production cuts in place.

Net income was 102.27 billion riyals (US$27.27 billion), down from 119.54 billion riyals (US$31.88 billion) for the same quarter in 2023, Aramco said, adding that “the decrease was primarily a result of lower crude oil volume sold”. — AFP