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Saturday, July 27, 2024 6:42 GMT
Saudi Aramco’s net profit for the second quarter of 2024 is expected to fall 9% to SAR 103.1 billion (US$27.48 billion) from SAR 112.8 billion (US$30.07 billion) a year ago, dragged by weak downstream business, Al Rajhi Capital said in a report. On a sequential quarter basis, the earnings are forecast to decline by 0.8% from SAR 102.3 billion (US$27.27 billion) in Q1 2024. The downstream business is expected to be hit by weak refining margins amid slower demand, the brokerage said. Revenue...More