The Saudi National Oil Company “Aramco” revealed that the 2020 profit fell by 44%, due to the decrease in crude prices and the quantities sold of it, and the decline in profit margins of the refineries.
This came as a result of pressure on demand due to the Corona pandemic, as the net profit decreased to 183.76 billion Saudi riyals (about 49 billion dollars) for the year ended December 31 (2020), compared to 330.69 billion in the previous year (2019), according Told “Reuters”.
The agency noted that analysts expected a net profit of 186.1 billion Saudi riyals in 2020, according to the average estimate of Refinitiv Icon.
Source: “Reuters”
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