Saudi Aramco net profit soars 82% in Q1 on high oil prices

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DUBAI – State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net income, broadly in line with analyst forecasts, helped by strong oil prices.

Aramco, which is at par with Apple Inc as the world’s most valuable companies, reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier.

The world’s top oil exporter was forecast to post a net income of $38.5 billion, according to a median estimate from 12 analysts provided by the company.