Associated Press
Saudi oil giant Aramco’s first-quarter profits surge 80%
Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine. The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co., which overtook Apple as the world’s most valuable company last week, show a record net income of $39.5 billion, up from $21.7 billion during the same period last year. The figure marks the oil group’s highest quarterly profit since 2019, when the Saudi government, which owns 98% of the company, listed a sliver of its worth on Riyadh’s Tadawul stock exchange in what was then the world’s largest-ever initial public offering.
