Saudi Aramco’s second-quarter profits tumbled by more than a third from last year’s record highs as a lower oil price and production cuts eroded the group’s performance.
Net income at the state-owned group was $30.1bn in the second quarter, down 38 per cent from a record $48.4bn a year ago, the company said in a statement on Monday.
Analysts had forecast net income of $29.8bn, according to an average compiled by the company.
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