Economy / FinanceMiddle East

Saudi Aramco’s profit plunges


State oil giant Saudi Aramco’s profit plunged 73% in the second quarter as a slump in energy demand and prices due to the coronavirus crisis hit sales But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering. All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades. Aramco, which listed in Riyadh last year in a record $29.4 billion flotation,…

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