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The Saudi oil giant Aramco’s profit in the first quarter rose 80 percent




Oil giant Saudi Aramco said on Sunday that profits had increased by more than 80% in the first three months of the year, as the state-subsidized company benefits from volatility in global energy markets and rising oil prices following Russia’s invasion of Ukraine.

The large revenue for the first quarter of the company formally known as Saudi Arabian Oil Co., which surpassed Apple as the world’s most valuable company last week, shows a net revenue of $ 39.5 billion, up from $ 21[ads1].7 billion in the same period last year.

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The figure marks the oil group’s highest quarterly result since 2019, when the Saudi government, which owns 98% of the company, listed part of the value on Riyadh’s Tadawul stock exchange in what was then the world’s largest IPO ever.

FILE PHOTO: The logo of Saudi Aramco was seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS / Hamad I Mohammed / File Photo

In a statement, Aramco’s CEO attributed the increase in profits to rising prices as well as the kingdom’s production increase, along with allies in the group known as OPEC Plus. He also seemed to suggest that the disruption of the war in Ukraine had underlined the important role of oil and gas companies such as Aramco.

“Against the backdrop of increasing volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable,” said President and CEO Amin H. Nasser, adding that Aramco was in the middle of the increase. its maximum production capacity to meet expected demand growth.

NATIONAL GAS PRICE AVERAGE DRAW NEW HIGH ON SUNDAY TO USD 4.47 PER GALLON

Oil prices rose to a 14-year high of $ 139 a barrel in March immediately after Russia’s invasion of Ukraine, although it later slowed as Russian oil continued to flow and renewed shutdowns hurt demand for hydrocarbons in China, a top importer. The international benchmark index Brent oil traded above 111 dollars per barrel on Sunday.

An oil tank was seen at Saudi Aramco headquarters during a media tour of the city of Damam on November 11, 2007. REUTERS / Ali Jarekji

Shares of Aramco rose 1.85% on Sunday on the earnings report, with a stock costing 41.40 Saudi riyals, or $ 11.04 on the Tadawul stock market. Aramco shares have soared since the beginning of the year, making it the world’s most valuable company last week with a market value of around $ 2.43 trillion.

The oil group said it maintained its $ 18.8 billion cash dividend for the fourth quarter last year – and completed one of the largest year-round cash dividends in the world. The payment is a crucial source of income for the Saudi government.

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Leverage, which the company defines as the extent to which the business is financed with debt, fell from 14% at the end of last year to 8% in the first quarter.

The strong quarterly results come after economic activity resumes and the easing of global coronavirus restrictions had already yielded record-low results for the state-subsidized company last year after the devastation of the pandemic and years of weak growth among relatively lower prices.

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The sky-high oil prices have given a welcome boost to the Saudi economy.

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



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