Saudi Aramco’s Nine-Month Profit Falls 18% as IPO Starts
- State oil producer’s nine-month net drops to $68.2 billion
- Aramco issues results a day after launching share sale
An employee walks past oil pipeline control valves at the North Pier Terminal, operated by Saudi Aramco, in Ras Tanura.
Photographer: Simon Dawson/Bloomberg
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Saudi Aramco’s nine-month profit fell 18% as lower oil prices eroded sales ahead of a share sale that could be the world’s largest.
The oil giant earned net income of $68.2 billion compared with $83.1 billion for the same period a year ago, it said in a statement posted on its website. The state company’s revenue slipped to $217 billion from $233 billion.