News - Middle East - Saudi Arabia: Saudi Arabian state oil giant Aramco on Sunday reported a 44.4% drop in 2020 net profit, amid Yemeni retaliatory attacks that targeted the company in response to the continuing aggression on Yemen.

According to Reuters, the company attributed the decline as a result of  lower crude oil prices and volumes sold, and weakened refinery margins, as the coronavirus pandemic depressed demand.

The company stated that 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.

During recent weeks, the Yemeni forces have increased their drone and missile attacks on military targets and on the oil installations deep inside Saudi Arabia in retaliation for Riyadh’s all-out aggression against the country and the total blockade imposed on its people. 

The Yemeni retaliatory attacks had a major impact on the company's operational ability.