Saudi Aramco posts 10th consecutive quarter decline in profit
Net profit in the three months ended June fell to 85.02 billion Saudi riyals ($22.6 billion), from $109.01 billion, the company said on Tuesday in a filing to the Tadawul stock exchange, where its shares trade. That marked a 10th consecutive quarter of decline in profit.
Revenue for the period decreased 11 per cent year-on-year to 378.8 billion riyals, down from 425.7 billion riyals in the same period last year, on lower crude oil prices and lower refined and chemical products prices, it said.
"Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets," said Aramco president and chief executive Amin Nasser.
"We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.'
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