Saudi Arabia’s state-owned energy giant, Aramco, reported a 4.6% drop in net profit for the first quarter of 2025, reflecting the pressure of softening global oil prices on its revenue stream and, by extension, the kingdom’s ambitious economic transformation plans. Net income for the quarter stood at $26 billion, compared to $27.2 billion in the same period last year. While revenue ticked up slightly to $108.1 billion, share prices have slipped notably over the past year.