Saudi Aramco’s Q1 net profit up 30 per cent at $21.7 billion

SourceGulf Today
SectorOil & Gas
CountrySaudi Arabia

A view of the Saudi Aramco’s Abqaiq oil processing plant. Agence France-Presse State-run oil producer Saudi Aramco beat analysts’ forecasts on Tuesday with a 30 per cent rise in first-quarter net profit and maintained its dividend payout, helped by strong oil prices. Earnings by global energy companies such as Exxon Mobil have climbed on the back of rising crude prices, which are up by about a third this year, as fuel demand recovers from the pandemic and as a global surplus of crude shrinks.

“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming,” Amin Nasser, chief executive of the world’s top oil exporter, said in a statement. “And while some headwinds still remain, we are well-positioned to meet the world’s growing energy needs as economies start to recover,” he said. Net income rose to $21. 7 billion for the quarter to March 31 from $16. 7 more...