Saudi Aramco Reports 44.6% Dive in Q3 Profit
Energy giant Saudi Aramco on Tuesday posted a 44.6 percent slump in third-quarter profit, as the coronavirus pandemic weighs heavily on demand for crude oil.
"Net income for the third quarter of 2020 was 44.21 billion Saudi riyals ($11.79 billion)," compared to $21.3 billion in the same period last year, the company said in a statement.
Profits dropped 48.6 percent to $35.02 billion for the first nine months of this year, the company added.
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