Saudi Aramco reported first-quarter profits of $26 billion, a 4.6% drop from the same period last year, as weaker oil prices weighed on earnings.
The state-owned energy giant generated $108.1 billion in revenue, slightly higher than the $107.2 billion recorded in the first quarter of 2024.
The dip in earnings comes at a challenging time for Saudi Arabia, which is banking on oil revenues to fund major projects, including the $500 billion Neom city and infrastructure upgrades ahead of hosting the 2034 FIFA World Cup.
With Brent crude trading below $65 a barrel, Aramco’s share price has declined from last year’s peak.
CEO Amin Nasser cited economic uncertainty and shifting global trade as key pressures on oil markets.