Saudi Aramco's net income plunged by 50% in the first half of the year, according to published figures, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world's biggest oil producers.
FILE - In this March 9, 2020, file photo, a security person wears a mask as he checks vehicles entering a compound for Saudi Aramco in Jiddah, Saudi Arabia. Saudi Aramco's net income plunged by 50% in the first half of the year, according to figures published Sunday, Aug. 9, 2020, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world's biggest oil producers.
Profits for the first six months of the year plunged to $23.2 billion, half of last year’s $46.9 billion for the same time period. Aramco CEO Amin Nasser acknowledged the company’s finances were impacted by “strong headwinds from reduced demand and lower oil prices” sparked by the pandemic, which halted flights around the world and plunged economies into recession, including Saudi Arabia’s.
Aramco was knocked out of it’s top spot as the world’s most valuable listed company by Apple in recent days. It’s stock price gained a little on Sunday, trading at around 33 riyals a share. At its highest, Aramco traded above $10 a share in December and at it lowest slipped to $7.20 a share in March.
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