Saudi Aramco first-quarter profit falls 25%, below analyst estimates; hurt by lower crude oil prices as coronavirus slashed demand

Dubai: Saudi Arabian state oil giant Aramco on Tuesday reported a 25 percent fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the coronavirus slashed demand.Net profit fell to 62.48 billion riyals ($16.64 billion) after zakat and tax for the quarter to 31 March from 83.29 billion a year earlier.[caption id="attachment_8281901" align="alignleft" width="380"]

Representative image. Reuters[/caption]Analysts had expected a profit of $17.8 billion, according to the mean estimate from Egyptian investment bank EFG-Hermes, Saudi Arabia’s Al Rajhi Capital and Dubai-based Arqaam Capital.Click here to follow LIVE updates on coronavirus outbreakAramco said the results reflected “lower crude oil prices, as well as declining refining and chemicals margins and inventory re-measurement losses.”Click here to follow LIVE news and updates on stock marketsBrent crude prices fell 65 percent in the first quarter, before OPEC+ producers agreed to cut oil supply by a record 9.7 million barrel per day starting from May to help shore up prices and curb oversupply.