Profits for the first six months of the year plunged to $23.2 billion, half of last year’s $46.9 billion for the same time period. The majority state-owned company’s financial health is crucial to Saudi Arabia’s stability. Despite massive efforts by Saudi Crown Prince Mohammed bin Salman to diversify the economy, Saudi Arabia still depends heavily on oil exports to fuel government spending. Aramco was knocked out of it’s top spot as the world’s most valuable listed company by Apple in recent days. At its highest, Aramco traded above $10 a share in December and at it lowest slipped to $7.20 a share in March.

Source: Manila Times August 09, 2020 09:00 UTC