Dubai, United Arab Emirates (AP) - Saudi Arabia's state-owned oil giant Aramco made a profit of $26 billion in the first quarter on Sunday, down 4.6% from the previous year as global oil prices hurt the country's trillion-dollar development plans.

Aramco, formally known as Saudi Arabian Oil Co., reported in a filing about the Tadawul Stock Exchange in Riyadh, reported that Aramco, formally known as Saudi Arabian Oil Co., had revenue of $108.1 billion for the quarter. The company's revenue was $100.2 billion and profit was $27.2 billion in the same period last year.

Saudi Arabia has pledged to invest $600 billion in the United States during President Donald Trump's presidency.

Trump will make his first official foreign trip since the Oval Office on Tuesday in Riyadh, which he said in January he hopes is higher, about $1 trillion.

Meanwhile, the de facto ruler of Saudi Arabia, Crown Prince Mohammed bin Salman, set his sights on a $500 billion project to build Neom, a vast, futuristic city in the desert along the Red Sea. By 2034, Saudi Arabia will host the World Cup, and the kingdom will also need new stadiums and infrastructure, costing tens of thousands of dollars.

Aramco's first quarter results were announced as oil production increased in the OPEC+ league. The oil cartel has agreed to increase production by 411,000 barrels per day next month, as U.S. tariff-driven uncertainty has already volatility through the Middle East market. This means Saudi Arabia may need to borrow or spend money to fund the crown prince’s expensive goals.

Aramco's shares traded on Sunday at $6 per share, down from last year's high of $8. In the past year, oil prices have fallen and have declined in recent months.

“Global trade dynamics impacted the energy market in the first quarter of 2025, and economic uncertainty affected oil prices,” Aramco President and CEO Amin H. Nasser said in a statement.

The benchmark Brent crude oil traded at over $63 a barrel, down from last year's high of $80.

Aramco's market value is over $1.6 trillion, making it the sixth wealthy company of Microsoft, Apple, Nvidia, Amazon and Alphabet, owner of Google. Analysts believe the company is a trend leader in the global oil market.

The Saudi Arabian government owns the lion share, while a small portion of Aramco in Tadawul made the deal, helping spend and increasing the wealth of the country's Al Saud royal family.