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Saudi oil giant Aramco earns 80% for first quarter




Oil giant Saudi Aramco says its profits grew by more than 80% in the first three months of the year as the state-backed company takes advantage of instability in global energy markets and rising oil prices following the Russian occupation of Ukrainian.

First-quarter earnings from the firm officially known as Saudi Arabian Oil Co., which overtook Apple as the world’s most valuable company last week, show a record net revenue of $ 39.5 billion, up from $ 21.7 billion over of the same period last year. .

The figure marks the highest quarterly profit of oil groups since 2019, when the Saudi government, which owns 98% of the company, listed a portion of its value on the Riyadhs Tadawul stock exchange in what was then the most initial public offering. largest in the world.

In a statement, Aramco chief executive attributed the increase in profits to rising prices as well as increased production of the kingdom, along with allies in the group known as OPEC Plus. He also seemed to suggest that the cessation of hostilities in Ukraine had underscored the vital role of oil and gas companies like Aramco.

“Against the backdrop of growing volatility in global markets, we remain focused on helping to meet global energy demand that is reliable, affordable and increasingly sustainable,” said President and CEO Amin H. Nasser, adding that Aramco was in the middle of its growth, maximizing production capacity to meet projected demand growth.

Oil prices rose to a 14-year high of $ 139 a barrel in March shortly after Russia’s invasion of Ukraine, though they later receded as Russian oil continued to flow and renewed blockades hampered hydrocarbon demand in China, a leading importer. Brent crude traded above $ 111 a barrel on Sunday.

The oil group said it maintained its $ 18.8 billion cash dividend for the fourth quarter of last year, ending one of the largest cash dividends in the world this year. Payment is a crucial source of revenue for the Saudi government.

Gearing, which the company defines as the rate at which its operations are financed by debt, fell from 14% at the end of last year to 8% in the first quarter.

The strong quarterly results come as the revival of economic activity and the easing of global coronavirus restrictions had already yielded record annual results for the state-backed company last year after the pandemic devastation and years of slow growth amid relatively lower prices.

Rising oil prices have given a welcome boost to the Saudi economy.

Saudi Arabia, the world’s leading oil exporter and OPEC de facto leader, recorded its fastest economic growth in a decade during the first quarter of the year, with its gross domestic product growing 9.6% compared to the same period last year, according to its statistics agency. The International Monetary Fund expects the economies of the kingdoms to grow by 7.6% this year.




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