Saudi Aramco reported net profit of $16.7 billion in the first quarter

Saudi aramco reported net profit of $16.7 billion in the first quarter, despite lower oil prices and lower refining and chemical margins. Saudi aramco said its first-quarter results demonstrated financial and operational strength despite the challenging macro environment and reduced energy demand due to the covid-19 outbreak.

Saudi aramco said its balance sheet was solid in the first quarter, with leverage falling from minus 0.2 per cent on December 31 to minus 4.9 per cent on March 31. In addition, Saudi aramco paid a dividend of $13.4 billion in the first quarter.

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