Factbox - Aramco 2019 profit drops, a week after shares fell below IPO [Reuters (UK)]
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Source: Reuters
Factbox - Aramco 2019 profit drops, a week after shares fell below IPO - Reuters 4 Min Read DUBAI (Reuters) - Saudi Arabia’s state-run oil giant Saudi Aramco announced a drop in its 2019 profit of nearly 21% on Sunday, falling well below analysts’ expectations just three months after selling shares to the public in a record-setting IPO. The decision last year to float shares in the world’s most profitable company was a central part of Crown Prince Mohammed bin Salman’s economic and political reform agenda. Its first profit statement since the IPO shows it was already performing below expectations months before the coronavirus pandemic, which has hammered global oil prices. Below are key facts about Aramco and its 2019 results: Aramco’s initial public offering in December became the world’s largest, raising $25.6 billion (20.87 billion pounds) - pulling ahead of Alibaba Group Holding Ltd’s previous record $25 billion listing in 2014. It valued the company, which supplies around 10% of
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