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Saudi Aramco 2020 net profit slumps 44.4% as COVID-19 bites

DUBAI, March 21 (Reuters) - Saudi Arabian state oil giant Aramco on Sunday reported a 44.4% drop in 2020 net profit, hit by lower crude oil prices and volumes sold, and weakened refinery margins, as the coronavirus pandemic depressed demand.

Net profit fell to 183.76 billion riyals ($49.00 billion) for the year that ended December 31, from 330.69 billion riyals a year earlier.

Analysts had expected a net profit of 186.1 billion riyals in 2020, according to the mean estimate of analysts in Refinitiv’s Eikon.

$1 = 3.7505 riyals Reporting by Hadeel Al Sayegh and Saeed Azhar

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