Where the Comment is King

THE NEWS COMMENTER

VOTE  (0)  (0)

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

Added 05-15-22 04:04:02am EST - “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.” - News.yahoo.com

CLICK TO SHARE

Posted By TheNewsCommenter: From News.yahoo.com: “Saudi Aramco says Q1 profits jump 82% as oil prices surge”. Below is an excerpt from the article.

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.

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.

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.

Read more...

If you don't see any comments yet, congrats! You get first comment. Be nice and have fun.

Comment Box is loading comments...

CLICK TO SHARE

BACK TO THE HOME-PAGE