{"id":45295,"date":"2023-08-07T04:49:56","date_gmt":"2023-08-07T08:49:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/aramco-q2-profit-down-38-to-30-billion\/"},"modified":"2023-08-07T04:49:58","modified_gmt":"2023-08-07T08:49:58","slug":"aramco-q2-profit-down-38-to-30-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45295","title":{"rendered":"Aramco Q2 profit down 38% to $30 billion"},"content":{"rendered":"
\n

DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil prices and thinner refining and chemicals margins.<\/p>\n

Aramco’s net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, it said in a statement, beating a company-provided median estimate from 15 analysts of $29.8 billion.<\/p>\n

The group declared a base dividend of just over $19.51 billion for the second quarter, roughly in line with its payout for the first quarter.<\/p>\n

It also said it will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter.<\/p>\n

Most oil majors reported strong or record-breaking earnings in the second quarter of 2022 after Western sanctions against major exporter Russia squeezed an already undersupplied global market, causing a surge in crude and prices.<\/p>\n

has dropped from $113 a barrel a year ago, hit by concerns of an economic slowdown and ample supplies, though Moscow and Riyadh have been trying to prop up prices.<\/p>\n

Oil futures are now at their highest since mid-April after Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further. Brent was trading around $86 a barrel on Monday.<\/p>\n

OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude. The group has been limiting supply since late last year to bolster the market.<\/p>\n

“At Aramco, our mid to long-term view remains unchanged. With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security,” CEO Amin Nasser said in a statement.<\/p>\n

Aramco’s shares, which were little changed on Monday, have risen about 10.7% this year to 32.3 riyals.<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil prices and thinner refining and chemicals margins. Aramco’s net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year […]<\/p>\n","protected":false},"author":1,"featured_media":45296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-45295","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAramco Q2 profit down 38% to $30 billion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=45295\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco Q2 profit down 38% to $30 billion | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=45295\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-07T08:49:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-07T08:49:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/LYNXMPED6Q1J3_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=45295#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=45295\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Aramco Q2 profit down 38% to $30 billion\",\"datePublished\":\"2023-08-07T08:49:56+00:00\",\"dateModified\":\"2023-08-07T08:49:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=45295\"},\"wordCount\":319,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=45295#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=45295\",\"url\":\"https:\/\/ifintechworld.com\/?p=45295\",\"name\":\"Aramco Q2 profit down 38% to $30 billion | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-07T08:49:56+00:00\",\"dateModified\":\"2023-08-07T08:49:58+00:00\",\"description\":\"DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=45295#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=45295\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=45295#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Aramco Q2 profit down 38% to $30 billion\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Aramco Q2 profit down 38% to $30 billion | iFintechWorld","description":"DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=45295","og_locale":"en_US","og_type":"article","og_title":"Aramco Q2 profit down 38% to $30 billion | iFintechWorld","og_description":"DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil","og_url":"https:\/\/ifintechworld.com\/?p=45295","og_site_name":"iFintechWorld","article_published_time":"2023-08-07T08:49:56+00:00","article_modified_time":"2023-08-07T08:49:58+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/LYNXMPED6Q1J3_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=45295#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=45295"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Aramco Q2 profit down 38% to $30 billion","datePublished":"2023-08-07T08:49:56+00:00","dateModified":"2023-08-07T08:49:58+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=45295"},"wordCount":319,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=45295#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=45295","url":"https:\/\/ifintechworld.com\/?p=45295","name":"Aramco Q2 profit down 38% to $30 billion | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-07T08:49:56+00:00","dateModified":"2023-08-07T08:49:58+00:00","description":"DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=45295#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=45295"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=45295#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Aramco Q2 profit down 38% to $30 billion"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/45295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45295"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/45295\/revisions"}],"predecessor-version":[{"id":45297,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/45295\/revisions\/45297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/45296"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}