Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion (€23.4bn) on Sunday, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s multi-trillion-dollar development plans.
Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1bn (€97.4bn) over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2bn (€96.5bn) in revenues and profits of $27.2bn (€24.5bn) the same quarter last year.
