Oil group Saudi Aramco’s first-quarter profits fell by nearly a fifth after plunging oil prices, according to a filing on Tuesday.
The company reported net income of $31.9 billion for the period, down 19% from the same period last year, though it said it would pay a $19.5 billion dividend next year. quarter.
aramco made record profits of $161 billion in 2022 and increased its quarterly payout to shareholders to nearly $20 billion as oil prices soared after Russia’s full invasion of Ukraine.
The company said it remained well positioned despite falling prices.
“Global raw oil prices declined in the first quarter of 2023 mainly due to macroeconomic events which contributed to market volatility. Aramco believes it is well positioned to resist raw material price fluctuations through its low-cost upstream manufacturing and strategically integrated downstream operations,” it said in a statement.
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