Saudi Arabia's oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year
Saudi Arabia’s state-run oil giant Aramco brought in $30 billion in revenues in the second quarter, a nearly 40% decline from the same period the previous year
By AP News
Published - Aug 07, 2023, 03:15 AM ET
Last Updated - Aug 07, 2023, 03:15 AM EDT
DUBAI, United Arab Emirates (AP) — Saudi Arabia's state-run oil giant Aramcobrought in $30 billion in revenues in the second quarter, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices.
Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022.
Aramco is one of the biggest companies in the world, and Saudi Arabia is looking to oil revenues to fund ambitious plans to overhaul its economy.
The company reported a profit of over $160 billion in 2022, the largest ever recorded by a publicly traded firm.
