Latest News

Oil giant Saudi Aramco beats estimates with 30% hike in first-quarter profit

0

Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field.

Stanislav Krasilnikov | TASS via Getty Images

Oil giant Saudi Aramco reported a 30% jump in net income Tuesday, in a sign of a continued recovery from the previous year’s oil market crash that saw full-year earnings for the state firm slashed in half.

In a release published Tuesday, the company said net income rose to $21.7 billion in the first three months of the year. The figure nears the firm’s net income level in the first quarter of 2019, which was $22.2 billion.

Saudi Arabia’s behemoth oil producer also maintained its dividend, with $18.8 billion due to be paid out in the second quarter.

The earnings reflect a dramatically improved climate for oil markets since the first quarter of last year, when Aramco reported a 25% fall in net income for the period as it grappled with the initial fallout of the coronavirus pandemic and cratering global demand.

This is a breaking news story and will be updated shortly.

China’s push to cut carbon emissions boosts risks for part of the country

Previous article

India reports more than 357,000 new Covid cases as total crosses 20 million

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News