Oil giant Saudi Aramco posts sharp drop in second-quarter profit as lower prices bite

Saudi state oil giant Aramco reported 112.81 billion riyal ($30.07 billion) in net profit in the second quarter, in a sharp drop from the $48.4 billion recorded in the same period of last year amid a decline in hydrocarbon prices.

Second-quarter profit nevertheless came slightly above analyst expectations near $29.8 billion.

Analysts had expected second quarter profit of $29.8 billion. 

This is a breaking news story and is being updated.