Saudi Aramco’s first-quarter earnings soar 30% as the oil market recovers
Energy giant Saudi Aramco on Tuesday posted a 30 percent jump in half-moon profits, during a sign of recovery from last year’s oil market crash fuelled by the coronavirus pandemic.
Aramco said its net income rose to $21.7 billion within the first three months of the year, compared to $16.7 billion within the same quarter of 2020, due to a stronger oil market and better refining and chemicals margins.
The bumper results follow strong profits posted last month by major oil firms — including France’s Total, Britain’s BP and Anglo-Dutch group Shell — as a recovery in crude prices fuelled their rebound from the pandemic.
“The momentum provided by the worldwide economic recovery has strengthened energy markets,” Aramco chief executive Amin Nasser said during a statement, AFP reported.
“Aramco’s operational flexibility, financial agility and therefore the resilience of our employees have contributed to a robust half-moon performance.”
According to Reuters, the corporate also confirmed it might deliver on a promised dividend payout of $18.75 billion for its shareholders.
Aramco is quite 98% owned by the Saudi government, with 1.7% traded on the Saudi stock market .
