The Fort Worth Press - Saudi Aramco says Q1 profits jump 82% as oil prices surge

USD -
AED 3.673015
AFN 71.913174
ALL 92.41957
AMD 387.83739
ANG 1.80347
AOA 849.000261
ARS 886.778599
AUD 1.497005
AWG 1.8025
AZN 1.698703
BAM 1.800457
BBD 2.020435
BDT 117.188938
BGN 1.79877
BHD 0.376928
BIF 2866.532572
BMD 1
BND 1.346872
BOB 6.915344
BRL 5.118497
BSD 1.00069
BTN 83.345147
BWP 13.522345
BYN 3.274727
BYR 19600
BZD 2.01703
CAD 1.36243
CDF 2805.000219
CHF 0.90971
CLF 0.032344
CLP 892.460395
CNY 7.233197
CNH 7.243795
COP 3829.53
CRC 512.192652
CUC 1
CUP 26.5
CVE 101.506978
CZK 22.783003
DJF 178.165416
DKK 6.869705
DOP 58.546824
DZD 134.487027
EGP 46.669091
ERN 15
ETB 57.482119
EUR 0.920755
FJD 2.2549
FKP 0.796099
GBP 0.78768
GEL 2.749703
GGP 0.796099
GHS 14.410649
GIP 0.796099
GMD 67.897294
GNF 8601.715004
GTQ 7.775205
GYD 209.365909
HKD 7.79991
HNL 24.732361
HRK 6.979956
HTG 132.671144
HUF 355.076496
IDR 15981.05
ILS 3.706625
IMP 0.796099
INR 83.2979
IQD 1310.987959
IRR 42062.512517
ISK 138.389752
JEP 0.796099
JMD 156.348322
JOD 0.708903
JPY 155.828021
KES 131.502985
KGS 88.195505
KHR 4073.479119
KMF 452.724972
KPW 899.999697
KRW 1360.815027
KWD 0.30693
KYD 0.833947
KZT 443.799021
LAK 21358.678142
LBP 89608.689649
LKR 299.85732
LRD 193.495805
LSL 18.209978
LTL 2.95274
LVL 0.60489
LYD 4.836379
MAD 9.91586
MDL 17.666498
MGA 4431.352695
MKD 56.661266
MMK 2101.348552
MNT 3449.999773
MOP 8.039548
MRU 39.701507
MUR 45.940393
MVR 15.459692
MWK 1734.984121
MXN 16.60195
MYR 4.684959
MZN 63.497294
NAD 18.209731
NGN 1494.059868
NIO 36.831616
NOK 10.69096
NPR 133.356961
NZD 1.636375
OMR 0.384893
PAB 1.000755
PEN 3.740656
PGK 3.887472
PHP 57.907988
PKR 278.482533
PLN 3.91594
PYG 7491.140056
QAR 3.641497
RON 4.580703
RSD 107.852082
RUB 90.890184
RWF 1293.873982
SAR 3.750439
SBD 8.475946
SCR 13.609543
SDG 600.999734
SEK 10.69264
SGD 1.34687
SHP 1.26345
SLE 22.847303
SLL 20969.50094
SOS 570.999629
SRD 32.182972
STD 20697.981008
SVC 8.75649
SYP 2512.529855
SZL 18.227091
THB 36.102027
TJS 10.857836
TMT 3.5
TND 3.115011
TOP 2.356973
TRY 32.199603
TTD 6.793828
TWD 32.253499
TZS 2589.99976
UAH 39.67064
UGX 3798.284052
UYU 38.820562
UZS 12703.906912
VEF 3622552.534434
VES 36.580745
VND 25455
VUV 118.72199
WST 2.803093
XAF 603.81737
XAG 0.031996
XAU 0.000413
XCD 2.70255
XDR 0.755926
XOF 603.81737
XPF 110.350237
YER 249.897402
ZAR 18.236598
ZMK 9001.203383
ZMW 25.84158
ZWL 321.999592
  • RBGPF

    -2.0700

    57.63

    -3.59%

  • BCC

    -1.2400

    136.05

    -0.91%

  • CMSC

    -0.0360

    24.474

    -0.15%

  • BP

    0.3800

    37.49

    +1.01%

  • BTI

    0.0400

    31.59

    +0.13%

  • CMSD

    -0.1300

    24.17

    -0.54%

  • RIO

    1.7000

    73.61

    +2.31%

  • GSK

    0.1000

    44.98

    +0.22%

  • JRI

    0.0000

    11.58

    0%

  • RELX

    0.1500

    44.07

    +0.34%

  • RYCEF

    0.0080

    5.298

    +0.15%

  • BCE

    0.0000

    34.34

    0%

  • NGG

    -0.4800

    72.83

    -0.66%

  • SCS

    0.0500

    13.63

    +0.37%

  • AZN

    -0.1400

    76.9

    -0.18%

  • VOD

    -0.0100

    9.79

    -0.1%

Saudi Aramco says Q1 profits jump 82% as oil prices surge
Saudi Aramco says Q1 profits jump 82% as oil prices surge / Photo: © AFP

Saudi Aramco says Q1 profits jump 82% as oil prices surge

Saudi Aramco on Sunday posted an 82-percent jump in first quarter profits, buoyed by a global surge in oil prices that has made it the world's most valuable company.

Text size:

The announcement continued a string of recent positive economic news for Saudi Arabia, where a booming oil sector is fuelling the fastest growth rate in a decade.

Aramco's net income of $39.5 billion was up from $21.7 billion compared with the same period in 2021, "primarily driven by higher crude oil prices and volumes sold, and improved downstream margins," it said in a press release.

The latest financial results were published four days after Aramco dethroned Apple as the world's most valuable company, with shares worth $2.42 trillion compared to Apple's $2.37 trillion.

In March, Aramco reported a 124 percent net annual profit increase for 2021.

But the firm, the kingdom's "crown jewel" and primary source of government revenue, has faced security challenges from the war which involves a Saudi-led military coalition against Yemen's Huthi rebels who have repeatedly targeted the kingdom, including Aramco sites.

A two-month truce in the war has generally been holding since it started in April, but in 2019 Huthi-claimed aerial assaults on two Aramco facilities in eastern Saudi Arabia temporarily knocked out half of the kingdom's crude production.

A March attack by the Huthis on facilities of the largely state-owned firm caused a "temporary" drop in production.

The net income for the first quarter was a record for Aramco since its initial public offering in 2019.

Also on Sunday, Aramco announced it was issuing 20 billion bonus shares to shareholders -- one share for every 10 shares already owned.

A dividend of $18.8 billion will be paid in the second quarter, it said.

"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," Aramco president and CEO Amin Nasser said.

- Oil-fuelled boom -

In early May, Saudi Arabia reported its fastest economic growth rate in a decade, as a booming oil sector fuelled a 9.6 percent rise in the first quarter over the same period of 2021.

The world's biggest oil exporter has resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.

As the war got underway, Saudi Arabia and the United Arab Emirates stressed their commitment to the OPEC+ oil alliance, which Riyadh and Moscow lead, underscoring Riyadh's and Abu Dhabi's increasing independence from long-standing ally Washington.

Saudi Arabia's GDP is expected to grow by 7.6 percent in 2022, the International Monetary Fund said in April.

Saudi Arabia has sought both to open up and diversify its oil-reliant economy, especially since Mohammed bin Salman's appointment as crown prince in 2017.

Aramco floated 1.7 percent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.

In February, the kingdom shifted four percent of Aramco shares, worth $80 billion, to the country's sovereign wealth fund -- a move analysts saw as a possible prelude to further opening up the oil giant.

A.Williams--TFWP