Aramco Q2 profit down 38% to US$30bil

DUBAI: Saudi Arabian state oil giant Aramco reported on Monday a near 38% drop in second-quarter net profit on the back of weaker oil prices and thinner refining and chemicals margins.

Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, it said in a statement, beating a company-provided median estimate from 15 analysts of $29.8 billion.