Saudi Aramco’s profit tanks 73% in the fiscal second quarter

Saudi Aramco (Tadawul: 2222) said on Monday that its profit in the fiscal second quarter came in 73% lower. The company attributed the decline to the Coronavirus pandemic that weighed heavily on demand and fuelled a sharp plunge in oil prices in recent months. Shares of the company remained flat on average in premarket trading on Monday. The price action wasn’t interesting on market open either. Saudi Aramco is currently trading at £6.77 per share. It had dropped to as low as £5.17 per share in March as COVID-19 wreaked havoc on the global energy market. At the time of