The world's largest listed company, Saudi Aramco, announced Tuesday a 25% drop in net profit in the first quarter, which still stands at 62.5 billion riyals (15.4 billion euros) . The decline reflects the steep drop in oil prices as well as shrinking refining and petrochemical margins, said Amin Nasser, CEO of the Saudi oil company. "In the longer term, we remain confident that demand for energy will rebound as global economies recover, " he added, adding that Aramco will cut investment by 10% to 25%.
The Saudi public giant is doing better than its international competitors, who have, for the most part, published results in the red or barely positive. All oil companies are suffering from the effects of the Covid-19 pandemic, which has caused demand for oil to plummet, crippling transportation and global activity.
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