Aramco Reports Q1 Profits Of $26 Billion, Down 4.6% Year-on-Year

Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion, a 4.6% decline from the same period last year, as falling global oil prices weigh on the kingdom’s ambitious development plans, Gabe Levin reported for the Associated Press (AP).

The dip in profits comes as Saudi Arabia prepares for massive investments tied to its long-term vision. I Photo: aramco Facebook

Aramco, formally known as the Saudi Arabian Oil Co., reported revenues of $108.1 billion for the quarter, compared to $107.2 billion in the same period last year, when it posted profits of $27.2 billion.

The dip in profits comes as Saudi Arabia prepares for massive investments tied to its long-term vision.

The kingdom has pledged to invest $600 billion in the United States during President Donald Trump’s term.

Trump, who is scheduled to arrive in Riyadh for his first official foreign trip since returning to office, has stated he hopes to increase that investment to $1 trillion.

Meanwhile, Crown Prince Mohammed bin Salman is pushing ahead with his $500 billion Neom project—a planned futuristic city along the Red Sea. Saudi Arabia is also preparing for the 2034 FIFA World Cup, which will require tens of billions of dollars in new stadiums and infrastructure.