Saudi Aramco, the largest oil producing company in the world, said that it recorded a net profit in the first quarter of this year of 119.5 billion riyals (about 32 billion dollars), compared to 148 billion riyals during the same period a year ago, which represents a decline of 19.25 percent.

Net profits rose 3.75 percent on a quarterly basis, compared to the fourth quarter of last year, when it reported a profit of 115.22 billion Saudi riyals ($30.73 billion).