Saudi oil giant Aramco’s third-quarter profits dip to £21.2 billion

A man walks under a billboard displaying an advertisement for Saudi Arabia’s oil giant Aramco (Amr Nabil/AP)

Saudi Arabian oil giant Aramco reported third-quarter profits of 27.5 billion dollars (£21.2 billion) on Tuesday, down about 15% from last year as low oil prices ate into its revenues.

Aramco, formally known as the Saudi Arabian Oil Co, had revenues of 111.1 billion dollars (£85.6 billion)over the quarter, the company said in a filing on Riyadh’s Tadawul stock exchange. It had $113 billion (£87.1 billion) in revenues the same quarter last year.