DUBAI—Aramco revealed a steep drop in profit related to attacks on its facilities in September that briefly halved the Saudi company’s oil output, highlighting the risks to investors ahead of what could be the world’s largest initial public offering.
The Saudi Arabian Oil Co., as Aramco is officially known, delayed its highly anticipated initial public offering last month until it had published the earnings, hoping to demonstrate the resilience of its operations. At the launch of the IPO last weekend, Chairman Yasir al-Rumayyan said the Sept. 14 attacks didn’t have a material impact on the company’s financials.
In a 600-page share-sale prospectus released Saturday, Aramco revealed its quarterly revenue declined in line with oil prices while net profit dropped at a faster rate on higher costs associated with the attacks.