Saudi Aramco announces first-quarter profits of $26 billion, down 4 pct. from last year

Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4 percent from the prior year.

Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion in the same quarter last year.

Aramco’s stock traded over $6 a share on Thursday, down from a high of around $8 last year. It has dropped over the past year as oil prices have dipped, and in recent months, as the OPEC+ announced restoring production more rapidly and as uncertainty driven by U.S tariffs has rippled through Middle Eastern markets.

Benchmark Brent crude traded Friday at over $63 a barrel, down from highs of over $80 in the last year.