Saudi Aramco’s profit soars as oil prices and production jump

Saudi Aramco posted the highest profit since its record stock-market listing, after oil prices surged in the wake of the Russian-Ukrainian crisis.

Aramco, which last week surpassed Apple to become the world’s most valuable listed company, followed Big Oil rivals such as Shell and BP in reporting bumper earnings for the first quarter.

Like them, the Saudi Arabian firm’s results were boosted by crude’s jump to $110 a barrel after the crisis began in late February.

#Aramco’s 2022 first quarter earnings set a new record for the company since its initial public offering in 2019#AramcoResults

— aramco (@aramco) May 15, 2022

State-controlled Aramco made net income of $39.5bn, up from $21.7bn a year earlier. It kept its quarterly dividend unchanged at $18.8bn.

The company benefited not just from oil climbing about 45 per cent this year, but also from the kingdom gradually increasing production along with other members of OPEC+.

Aramco’s output averaged 10.2 million barrels a day between January and March, up 20 per cent year-on-year.

Aramco raised almost $30bn with an initial public offering in Riyadh in late 2019.

It’s shares are up 25 per cent since the end of 2021, giving it a valuation of $2.38tn.

Read: Saudi Aramco reports $110bn in net income for 2021, up 124% year-on-year