Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand ...Egypt

DUBAI (Reuters) – Saudi Arabian state oil group Aramco on Tuesday reported a 44.6 percent drop in third-quarter net profit, in line with analysts’ estimates, dented by lower crude oil prices and volumes sold as the coronavirus crisis choked demand. Weaker refining and chemicals margins have also hit the company’s net profit, which fell to 44.21 billion riyals ($11.79 billion) for the quarter ended September 30 from 79.84 billion riyals last year. Analysts had expected a net profit of 44.6 billion riyals in the third quarter, according to the mean estimate from three analysts, provided by Refinitiv. “We saw early signs of a recovery in the third quarter due to improved economic activity, d

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