Oil giant Saudi Aramco said Sunday its profits soared more than 80 per cent in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia's invasion of Ukraine.
The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co., which overtook Apple as the world's most valuable company last week, show a record net income of US$39.5 billion, up from $21.7 billion during the same period last year.
In a statement, Aramco's chief executive attributed the spike in profits to rising prices as well as the kingdom's increase in production, along with allies in the group known as OPEC Plus. He also appeared to suggest that the disruption from the war in Ukraine had underscored the vital role of oil and gas companies like Aramco.
Oil prices rallied to a 14-year high of $139 a barrel in March immediately after Russia's invasion of Ukraine, although later receded as Russian oil continued to flow and renewed lockdowns hurt demand for hydrocarbons in China, a top importer. International benchmark Brent crude traded over $111 a barrel Sunday.
The oil group said it maintained its $18.8 billion cash dividend for the fourth quarter of last year -- completing one of the biggest full-year cash dividends in the world. The payment is a crucial source of revenue for the Saudi government.
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