Saudi Aramco follows big oil rivals with bumper earnings

SourceArabian Business
SectorOil & Gas
CountrySaudi Arabia

Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, allowing the state-owned company to maintain its dividend.

The world’s biggest energy firm kept its quarterly payout, almost all of which goes to the Saudi Arabian government, at $18.8 billion. The money is a vital source of cash for the kingdom as it tries to narrow a budget deficit that ballooned last year, with the coronavirus pandemic sinking oil prices and shutting down local businesses.

Net income for 2020 was 49 billion, slightly above analysts’ expectations

Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “The momentum provided by the global economic recovery has strengthened energy markets, and Aramco’s operational flexibility, financial agility and the resilience of our employees have contributed to a strong first quarter performance.

For our customers we remain a supplier of choice, and for our shareholders we continue to deliver an exceptional quarterly dividend.”

The bumper results more...