First-quarter profits at oil group Saudi Aramco dropped by almost a fifth after oil prices slumped, according to a filing on Tuesday.
The company reported $31.9bn in net income for the period, 19 per cent lower than the same period last year, although it said it would pay a $19.5bn dividend in the next quarter.
Aramco made record profits of $161bn in 2022 and increased its quarterly payout to shareholders to almost $20bn as oil prices soared after Russia’s full invasion of Ukraine.
The company said it remained well positioned despite the decline in prices.
“Global crude oil prices declined in the first quarter of 2023 mainly driven by macroeconomic events contributing to market volatility. Aramco believes it is well positioned to withstand fluctuating commodity prices through its low-cost upstream production and strategically integrated downstream operations,” it said in a statement.