Saudi Aramco’s Q1 net profit up 30 per cent at $21.7 billion
04 May 2021 A view of the Saudi Aramco’s Abqaiq oil processing plant. Agence France-Presse
State-run oil producer Saudi Aramco beat analysts’ forecasts on Tuesday with a 30 per cent rise in first-quarter net profit and maintained its dividend payout, helped by strong oil prices.
Earnings by global energy companies such as Exxon Mobil have climbed on the back of rising crude prices, which are up by about a third this year, as fuel demand recovers from the pandemic and as a global surplus of crude shrinks.
“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming,” Amin Nasser, chief executive of the world’s top oil exporter, said in a statement.
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Saudi Aramco beats quarterly profit forecast, maintains dividend
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