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HomeNewsSaudi Aramco net profit soars 82% in 1Q on high oil prices

Saudi Aramco net profit soars 82% in 1Q on high oil prices

DUBAI: State-owned oil producer Saudi Aramco reported an almost 82% rise in first-quarter (Q1) net profit, 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 company, reported a net income of US$39.5bil (RM173.7bil) for the quarter to March 31 from US$21.7bil (RM95.4bil) a year earlier.

The world’s top oil exporter was forecast to post a net income of US$38.5bil (RM169.3bil), according to a median estimate from 12 analysts provided by the company.

Aramco, which listed in 2019 with the sale of a 1.7% stake mainly to the Saudi public and regional institutions, said its earnings were the highest in any quarter since it went public, boosted by crude prices, volumes sold and improved downstream margins.

Earnings by global energy companies such as BP and Shell have risen to their highest in at least a decade on the back of rising commodities prices, even as many of them incur mostly write-downs from exiting Russia.

Brent crude prices ended the first quarter up almost 70% to US$107.91 (RM474.59) a barrel from end of March 2021. — Reuters