Along with other members of OPEC+, Saudi Arabia increased its production earlier in the year.
(Photo: Reuters)
Dhahran In the first quarter of this year, Saudi Aramco reported its highest profit since its IPO in 2019. The company is benefiting from rising oil prices, which have soared in the wake of Russia’s invasion of Ukraine.
Just last week, Saudi Aramco surpassed Apple as the most valuable publicly traded company in the world.
With the results that have now been published, the group follows its competitors Shell and BP, which also reported strong profits for the first quarter.
The state-controlled company generated net income of $39.5 billion, up from $21.7 billion a year earlier. That is an increase of 82 percent. The quarterly dividend was flat at $18.8 billion.
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The good result was not only due to the roughly 45 percent rise in oil prices. Along with other members of OPEC+, Saudi Arabia increased its production earlier in the year. Between January and March, Aramco produced an average of 10.2 million barrels per day, up 20 percent year-on-year.
With the quarterly figures, Aramco surpassed its result three years ago, which was previously considered the highest. With the IPO in Riyadh at the end of 2019, the company had raised almost 30 billion dollars. Shares are up 25 percent since the end of 2021 and are valued at $2.38 trillion.
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