Saudi Arabia’s oil giant, Aramco, has reported a 4.6% decline in its first-quarter profits, weighed down by falling global oil prices, which have pressurised the country’s ambitious multi-trillion-dollar development plans.
The company posted $26 billion in net profit for the quarter ending March against the $27.2 billion earned during the same period last year. However, the company’s revenue stood at $108.1 billion, marginally higher than last year’s $107.2 billion.
“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” Aramco president and CEO Amin H Nasser said.
The results were released in a stock exchange filing on Riyadh’s Tadawul market on Sunday.
Aramco’s shares were trading above $6 on Thursday, down from about $8 last year, following a steady decline over the past year as oil prices have fallen. Only a small portion of Aramco is traded on the Tadawul stock exchange, while most of the company is owned by the Saudi government, which uses the profits to fund national spending and support the Al Saud royal family’s wealth.