Riyadh, March 13 (AFP/APP): Saudi Aramco is expected to announce a drop in profits as it unveils Monday its first annual results since its listing, as the energy giant grapples with sinking oil prices. The 2019 financial results follow an initial public offering on the domestic stock exchange in December, which raised a record $29.4 billion from a sale of 1.75 per cent of the company. The results will not reveal the impact of the new coronavirus or the Saudi decision to slash crude prices after OPEC and its allies failed to reach a deal on production cuts, sending global markets into a tailspin this week. In April 2019, the secretive company opened up its accounts to rating agencies for the first time, revealing a net profit of $111.1 billion for the previous year. The announcement confirmed its status as the world’s most profitable company. On Monday, Aramco will reveal its full-year results directly to investors and the public for the first time — and it is expected to announce a drop in profits owing to lower crude prices. The company’s net profit for the first nine months of last year dived 18 per cent to $68.2 billion, as its … Continue reading Saudi Aramco to unveil first annual results since IPO