Profits plunge at Saudi Aramco

Saudi Aramco suffered a 25pc drop in profits for the first quarter after crude prices were battered by a huge drop in demand. Net profit for the world's most valuable company fell to $16.6bn for the three months to March 31, missing analysts' estimates by a considerable distance. Nevertheless, Aramco said it would still pay out the largest dividend in the world of $18.75bn (£13.4bn), in line with its pledge to pay investors a total of $75bn this year. Aramco's balance sheet remains strong