Saudi Aramco, Saudi Arabia's state-run oil company, published quarterly figures for only the second time today – and already the results are not looking great. The company has been struggling after the coronavirus outbreak first decreased global oil demand and subsequently led to a falling out within OPEC, causing a price war between the kingdom and Russia.
As a result, oil prices have been in a downwards spiral, resulting in a net income of only $6.6 billion between April and June after an already low result of $16.7 billion in the first three months of 2020 for the company. In preparation for its IPO, which took place in December 2019, Saudi Aramco had published 2018 figures, putting net income as high as $111.1 billion annually. In 2019, it had still turned a profit of $88.2 billion, according to company filings.
While Saudi Aramco was still the post profitable company in the world in 2019, the current result would put the company behind Berkshire Hathaway and Apple if the year continued in a similar fashion.