Aramco reports 14.4pc fall in first-quarter net profit

Saudi Arabia's state-owned oil giant Aramco has reported a 14.4 per cent fall in first-quarter net profit on the back of lower oil prices and volumes sold.

Net profit declined to $27.3 billion for the three months to March 31, in line with the $27.6 billion expected by 12 analysts in a company-provided forecast, according to Reuters.

Aramco declared a base dividend of $20.3 billion for the first quarter. It expects to pay out its fourth performance-linked dividend distribution of $10.8 billion in the second quarter.