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

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...