Saudi oil major Aramco reported 80% increase in first-quarter profit.

The oil giant Saudi Aramco Sunday said its Profits soared Following Russia’s invasion of Ukraine, global energy markets have been volatile and oil prices have risen by more than 80% in the first three months of the year.

Saudi Arabian Oil Co. The so-called company earned high revenue in the first quarter. Overtook Apple As the world’s most valuable company last week, it reported record net income of $ 21.7 billion to $ 39.5 billion in the same period last year.

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The figure represents the Oil Group’s highest quarterly profit since 2019, when the Saudi government, which owns 98% of the company, listed a portion of its value on Riyadh’s Tadaul Stock Exchange.

File image: The logo of Saudi Aramco, seen at the 20th Middle East Oil and Gas Exhibition and Conference (MOES 2017) in Manama, Bahrain on March 7, 2017. REUTERS / Hamad I Mohammed / File Photo

In a statement, Aramco’s chief executive, along with partners in a group known as OPEC Plus, attributed the rise in profits to rising prices and rising productivity in the country. He noted that the war in Ukraine underscored the key role of oil and gas companies such as Aramco.

“Against the backdrop of increasing volatility in global markets, we are focused on meeting the global demand for reliable, affordable and sustainable energy,” said Amin H., President and CEO. Nasser said. Its maximum production capacity to meet the expected demand growth.

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Oil prices soared to a 13-year low of $ 139 in March immediately after Russia invaded Ukraine, although Russian oil continued to flow and renewed lockdowns hit demand for hydrocarbons in China, a major importer. International standard Brent crude traded above $ 111 a barrel on Sunday.

An oil tanker was spotted at the Saudi Aramco headquarters during a media tour of Dammam on November 11, 2007. REUTERS / Ali Zarekji

Shares of Aramco rose 1.85% to 41.40 Saudi riyals or $ 11.04 on the Tadaul Stock Exchange on Sunday. Shares of Aramco have risen since the beginning of this year, becoming the world’s most valuable company with a market capitalization of $ 2.43 trillion last week.

The oil group said it maintained its $ 18.8 billion cash dividend in the fourth quarter of last year – one of the largest full-year cash dividends in the world. This money is an important source of revenue for the Saudi government.

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Gearing, which defines the amount of debt the company finances for its operations, fell from 14% at the end of last year to 8% in the first quarter.

Strong quarterly results come after a resurgence of economic activity and the easing of global corona virus controls has already delivered record annual results for the state-backed agency last year after a devastating epidemic last year and sluggish growth amid relatively low prices.

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Skyrocketing oil prices have given a welcome boost to the Saudi economy.

Saudi Arabia – the world’s leading oil exporter and OPEC’s practical leader – recorded its fastest economic growth in a decade in the first quarter of the year, with its GDP growing by 9.6% compared to the same period last year. Company. The The International Monetary Fund expects The country‚Äôs economy is set to expand by 7.6% this year.

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