Saudi Oil Giant Aramco’s First-Quarter Profits Surge 80% | Business News
DUBAI, United Arab Emirates (AP)-Oil giant Saudi Aramco said Sunday that its revenue jumped more than 80% in the first three months of the year, as the state-backed company cashed in on the re- also in world energy markets and rising oil prices. after Russia’s invasion of Ukraine.
The bumper first quarter earnings of the company formally known as Saudi Arabian Oil Co. showed a record net income of $ 39.5 billion, up from $ 21.7 billion in the same period last year.
Already, renewed economic activity and the easing of global coronavirus bans have revived demand for hydrocarbons and provided strong annual results for the state-backed company last year.
Oil prices rallied to a 14-year high of $ 139 per barrel in March after Russia’s invasion of Ukraine, though it later stopped as Russian oil flows continued and new lockdown has damaged China’s oil demand. International benchmark crude Brent sold more than $ 111 per barrel on Sunday.
Aramco overtook Apple as the world’s most valuable company as higher oil prices pushed its shares to record levels last week, with the company’s market cap of $ 2.43 trillion.
Political Cartoons
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or distributed.
