DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco said Sunday that its profits soared more than 80% in the first three months of the year as the state-backed company capitalizes on volatility in markets. global energy markets and rising oil prices. after the Russian invasion of Ukraine.
Excellent first-quarter earnings from the company formally known as Saudi Arabian Oil Co., which overtook Apple as the world’s most valuable company last week, show a record net income of $39.5 billion, up from $21.7 billion. during the same period last year. .
The figure marks 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 Tadawul stock exchange in what was then the public offering. world’s largest starter.
GASOLINE PRICES REACH A NEW RECORD: Here’s how to manage cost during a road trip
GET USED TO IT: Experts say high gas prices are here to stay for the foreseeable future.
In a statement, the Aramco chief executive attributed the rise in profits to rising prices as well as increased output from the kingdom, along with allies in the group known as OPEC Plus. He also seemed to suggest that the interruption of the war in Ukraine had underlined the vital role of oil and gas companies like Aramco.
“Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable,” said President and CEO Amin H. Nasser, and He added that Aramco was in the midst of ramping up its full production capacity to meet anticipated growth in demand.
SUBSCRIBE TO OUR NEWSLETTER: The Daily Money sends our top personal finance stories to your inbox