DUBAI, United Arab Emirates (AP) -- Saudi Arabia's state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year as falling global oil prices undermine the kingdom's multi-trillion-dollar development plans.
Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh's Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year.
Saudi Arabia has promised to invest $600 billion in the U.S. over the course of President Donald Trump's term.
Trump, who is set to touch down in Riyadh Tuesday on his first official foreign trip since he retook the Oval Office, said in January that he wants that number to be even higher, at around $1 trillion.
Meanwhile, the Saudi de facto ruler, Crown Prince Mohammed bin Salman, has his sights set on a $500 billion project to build Neom, a vast, futuristic city in the desert along the Red Sea. The kingdom will also need new stadiums and infrastructure costing tens of billions of dollars by 2034, when Saudi Arabia will host the World Cup.
The announcement of Aramco's first-quarter results comes as the OPEC+ alliance has ramped up oil production. The oil cartel has agreed to boost output by 411,000 barrels per day next month, as uncertainty driven by U.S. tariffs has rippled through Middle Eastern markets. That means Saudi Arabia will likely need to borrow or spend reserve funds to finance the crown prince's expensive goals.
Aramco's stock traded over $6 a share Thursday, down from a high of around $8 last year. It has dropped over the past year as oil prices have dipped, and in recent months.
"Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices," Aramco President and CEO Amin H. Nasser said in a statement.
Benchmark Brent crude traded Friday at over $63 a barrel, down from highs of over $80 in the last year.
Aramco has a market value of over $1.6 trillion, making it the sixth richest company behind Microsoft, Apple, NVIDIA, Amazon and Alphabet, the owner of Google. Analysts see the company as a trend leader for global oil markets.
A fraction of Aramco trades on the Tadawul, while the lion's share of the company is owned by Saudi Arabia's government, helping pay for expenditures and adding to the wealth of the country's Al Saud royal family.
