Saudi state-controlled oil giant Aramco said last year’s profits saw a dramatic drop to $49 billion as the Covid-19 pandemic turned 2020 into one of the hardest years for one of the world’s most valuable companies.
The sharp slump in the company’s full-year net income totaled 44% compared to the previous year, when profits amounted to $88.19 billion. In 2018, the oil firm reported profits of $111.1 billion.
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