Saudi Aramco tips difficult 2020 as crisis hits quarterly profits
Energy giant Saudi Aramco on Tuesday posted a 25 percent slump in first-quarter profits and said the coronavirus crisis which triggered a crash in oil prices would weigh heavily on demand in the year ahead.
Aramco was listed on the Saudi stock market in December following a historic $29.4 billion initial public offering -- the world's largest -- but since then has faced a torrid environment.
Oil prices slumped to nearly two-decade lows in March, losing almost two-thirds of their value as the coronavirus pandemic sent the world into recession.
Prices plummeted further in April amid a price war between Russia and Saudi Arabia as the major producers scrambled to secure market share.
"The COVID-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment," CEO Amin Nasser said in a statement.
The world's largest listed firm posted a net profit of 62.5 billion riyals ($16.66 billion) in the three months to March, compared to $22.2 billion a year earlier.
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