DUBAI—Saudi Arabia’s national oil company posted a 19% drop in quarterly profit due to lower energy prices, but announced an additional dividend payout that underscores the kingdom’s dependence on oil revenues to run its economy.
Saudi Arabian Oil Co., known as Aramco, said Tuesday that it made a net profit of 119.54 billion Saudi riyals, equivalent to roughly $31.88 billion, in the first three months of the year, down from $39.47 billion in the same period last year, when it benefited from soaring oil prices after Russia invaded Ukraine.
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