RIYADH (Realist English). Oil giant Saudi Aramco reported a 19% drop in first-quarter profit, recorded a net profit of $31.9 billion. For comparison, a year earlier for the same period, the company earned $39.5 billion. The decline in profits is due to the fall in oil prices.
Saudi Aramco’s CEO Amin Nasser stressed the value of its refining and marketing strategy, in which the company invests heavily in petrochemical and other operations.
“We are leveraging cutting-edge technologies to increase our liquids-tochemicals capacity and meet anticipated demand for petrochemical products.” he noted in the report.
Nasser pointed out the continued importance of hydrocarbons for global energy needs: “Our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future.”
He said: “We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future.”
In March, Aramco reported a record net profit of $161.1 billion for 2022, which is 46.5% more than in 2021.