Saudi Aramco’s net income plunged by 50 per cent in the first half of the year, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world’s biggest oil producers.
According to AP, profits for the first six months of the year plunged to $23.2 billion, half of last year’s $46.9bn for the same time period.
The results were announced as Aramco’s second quarter earnings dipped to $6.6bn compared to $24.7bn during the same time last year, reflecting a staggering 73pc drop.
The majority state-owned company’s financial health is crucial to Saudi Arabia’s stability.
