Saudi Aramco reported its highest quarterly profits since listing its shares in 2019, as the world’s biggest oil exporter capitalised on soaring crude prices following Russia’s invasion of Ukraine.
Net income at the state-backed group rose to $39.5bn in the first three months of the year, an 82 per cent increase from the same quarter a year ago. The record earnings beat average analyst estimates compiled by the company of $38.5bn and were up from $30.4bn in the last three months of 2021.
The Saudi oil company and its international rivals, such as BP, Shell and ExxonMobil, have all benefited from the disruption to global energy flows driven by the war in Ukraine, which has pushed up oil, gas and refining prices.
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