Saudi Aramco announced a fall in net profit for 2025 due to a drop in prices for crude oil and refined products last year.
Profit fell 12 percent to SAR348 ($93 billion) from SAR394 billion in 2024 ($105 billion).
The fall in profit, which was worse than anticipated, was due in large part to smaller than predicted fourth-quarter earnings. The company made a fourth-quarter net profit of $18.5 billion, down from $23.1 billion in the prior-year period according to AGBI calculations.
Overall revenue fell from SAR1.64 trillion ($437 billion) to SAR1.56 trillion ($416 billion). The company said the drop in oil prices was partially offset by increased oil production.
The price of Brent crude fell by around $20 from January to December last year, beginning 2026 below $65 a barrel.
The state-owned oil company will host an analyst call on Tuesday morning to discuss the results.
Markets hope to get clarity on how Aramco is dealing with the present crisis in the region and how much oil it is still managing to export.
Oil markets have been more turbulent this year due to the US-Israel conflict with Iran and the effective closure of the Strait of Hormuz shipping lane as a consequence.
The price of oil neared $120 on Monday but dropped back below $100, partly on suggestions that G7 countries could release strategic oil reserves and comments from President Donald Trump that the US was close to achieving its goals in the war.
Aramco also announced the approval of a share buy-back scheme on Tuesday morning. The company intends to purchase 350 million shares from the market to be retained as treasury shares.
It said it intends to allocate them to an employee share plan.
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