Saudi Aramco annual profits drop by almost half

Saudi Aramco announced on Sunday that its profits in 2020 had fallen to 49 billion dollars (£35 billion) as the coronavirus pandemic roiled global energy markets (Amr Nabil/AP)

Saudi Aramco’s net income plunged by nearly 50% in 2020, according to figures.

The Saudi Arabia’s state-backed oil giant announced on Sunday that its profits in 2020 had fallen to 49 billion dollars (£35 billion) as the coronavirus pandemic roiled global energy markets.