DUBAI, May 9 Reuters Saudi oil giant Aramco39;s first quarter net profit dropped 19 from a year earlier to 119.54 billion riyals 31.88 billion, it said on Tuesday, due to lower crude prices.

Profit still beat analysts39; median forecast of 30.8 billion, according to Refinitiv data, and Aramco said the decline was partially offset by lower taxes including in the zakat Islamic tax and a rise in finance and other income.

Net profit was 3.75 higher than in the fourth quarter.

The world39;s top oil exporter made a record profit of over 161 billion for 2022 on higher energy prices and production.

Last month, Saudi Arabia and other OPEC producers announced surprise oil production cuts from May, initially driving up prices, but global economic uncertainty and an unclear demand outlook continue to weigh on prices.

Crude petroleum and natural gas contributed 32.7 of Saudi Arabia39;s gross domestic product last year, with petroleum refining making up another 6.

The kingdom39;s oil revenue slipped 3 in the first quarter to 178.6 billion riyals while nonoil revenue was up 9.

The production cuts and lower oil prices are expected to weigh on Saudi growth, with the IMF projecting GDP growth to more than halve this year to 3.1 from 8.7 in 2022, among the highest in the G20.

Aramco will pay 19.5 billion in dividends for the first quarter, in line with the previous quarter.

CEO Amin Nasser in a statement said Aramco was looking at introducing performancelinked dividends, in…