Aramco profits soar as oil and gas prices shoot up
Saudi Aramco has registered its highest profits since its 2019 listing as oil and gas prices rise around the world.
The state-owned energy giant saw an 82% jump in profits, with net income topping $39.5 billion (€37.2 billion) in the first quarter.
The invasion of Ukraine has seen oil and gas prices skyrocket. Russia is one of the world's biggest exporters but Western nations have pledged to cut their dependence on the country for energy.
Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic and demand outstripped supply.
Other energy firms including Shell, BP and TotalEnergies have also reported soaring profits as a result, although many are incurring costs exiting operations in Russia.
Aramco's president and chief executive, Amin Nasser, said that the company was "focused on helping meet the world's demand for energy that is reliable, affordable and increasingly sustainable".
"Energy security is vital and we are investing for the long-term," he added.
In March, the oil and gas producer pledged to ramp up investment and boost output significantly over the next five to eight years.
Saudi Arabia is the largest producer in the oil cartel Opec (Organization of the Petroleum Exporting Countries) and by raising production it could help to reduce energy prices.
Aramco also announced on Sunday it would issue 20 billion bonus shares to shareholders - one share for every 10 shares already owned.
The state-owned energy giant saw an 82% jump in profits, with net income topping $39.5 billion (€37.2 billion) in the first quarter.
The invasion of Ukraine has seen oil and gas prices skyrocket. Russia is one of the world's biggest exporters but Western nations have pledged to cut their dependence on the country for energy.
Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic and demand outstripped supply.
Other energy firms including Shell, BP and TotalEnergies have also reported soaring profits as a result, although many are incurring costs exiting operations in Russia.
Aramco's president and chief executive, Amin Nasser, said that the company was "focused on helping meet the world's demand for energy that is reliable, affordable and increasingly sustainable".
"Energy security is vital and we are investing for the long-term," he added.
In March, the oil and gas producer pledged to ramp up investment and boost output significantly over the next five to eight years.
Saudi Arabia is the largest producer in the oil cartel Opec (Organization of the Petroleum Exporting Countries) and by raising production it could help to reduce energy prices.
Aramco also announced on Sunday it would issue 20 billion bonus shares to shareholders - one share for every 10 shares already owned.
