Home News Saudi oil giant Saudi Aramco reports nearly 82% increase in first-quarter net...

Saudi oil giant Saudi Aramco reports nearly 82% increase in first-quarter net profit

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Aramco, which ranks Apple as the world’s most valuable stock market capitalist, reported a net profit of $ 39.5 billion for the quarter ended March 31, compared to $ 21.7 billion a year earlier.

Analysts had predicted that the world’s largest oil exporter would make a net profit of $ 38.5 billion, according to an average of 12 analysts provided by the company.

Aramco, which was listed on the stock exchange in 2019 with the sale of a 1.7% stake in the company’s shares, sold mainly to Saudi Arabia’s public and regional institutions, said its earnings were the highest in any quarter since listed on the stock exchange, boosted by crude oil prices, volumes sold and margins improved.

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The gains of global energy companies, such as BP (and Shell), have risen to their highest level in at least a decade amid rising commodity prices, even though many of them are largely depreciating as a result of withdrawing from Russia.

Brent crude oil prices closed up nearly 70 percent in the first quarter, to $ 107.91 a barrel, compared to the end of March 2021.

OPEC + agreed this month with a new modest increase in its monthly oil production target, arguing that it cannot be blamed for Russian supply disruptions that led to rising prices. He also said that China’s coronavirus restrictions threaten the prospects for demand.

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