Oil giant Saudi Aramco reports £25bn profit in first quarter

Oil giant Saudi Aramco has reported a first-quarter profit of 31.88bn US dollars (£25.2bn), down from 39.47bn dollars (£31.2bn) the same quarter last year (Seemanta Dutta/Alamy/PA)

Oil giant Saudi Aramco has reported a first-quarter profit of 31.88 billion US dollars (£25.2 billion), down from 39.47 billion dollars (£31.2 billion) the same quarter last year.

The business, formally known as the Saudi Arabian Oil Co, blamed the fall on lower global oil prices. Aramco made a 30.73 billion dollar (£24.3 billion) profit in the fourth quarter of last year.