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Saudi Aramco earnings soar 82% in first three months of the year

Saudi Aramco’s earnings soar 82% in the first three months of the year as the energy giant benefits from rising crude prices

Saudi Aramco’s profits soared 82 percent in the first three months of the year as the energy giant benefited from rising crude prices.

The state-backed company’s quarterly income of £32.2 billion was a record since the shares went public in 2019, with profits well above the £17.7 billion in the same period last year.

The company announced a £15.3 billion dividend to be paid in the next quarter.

Rise: Saudi Aramco is the latest energy company to report rising earnings in 2022, after Shell and BP

Saudi Aramco is the latest energy company to report rising earnings in 2022, after Shell and BP.

Shell posted its highest-ever quarterly profit, while BP’s profit more than doubled in the first three months of this year.

Saudi Aramco President and Chief Executive Amin Nasser said the company is “expanding our capacity to meet anticipated demand growth.”

He said: “Energy security is crucial and we are investing for the long term.”

Last week, Nasser’s company dethroned Apple as the world’s most valuable company with a valuation of £1.98 trillion.

Saudi Aramco’s results also showed that total production rose to 13 million barrels of oil equivalent per day in the first quarter.

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Saudi Aramco earnings soar 82% in first three months of the year

Source link Saudi Aramco earnings soar 82% in first three months of the year

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