Saudi oil giant Aramco's first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices.
first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals , it said on Tuesday, due to lower crude prices.
Last month, Saudi Arabia and other OPEC+ producers announced surprise oil production cuts from May, initially driving up prices, but global economic uncertainty and an unclear demand outlook continue to weigh on prices. The kingdom's oil revenue slipped 3% in the first quarter to 178.6 billion riyals while non-oil revenue was up 9%.
The production cuts and lower oil prices are expected to weigh on Saudi growth, with the IMF projecting GDP growth to more than halve this year to 3.1% from 8.7% in 2022, among the highest in the G20.CEO Amin Nasser in a statement said Aramco was looking at introducing performance-linked dividends, in addition to its base distribution.
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