Saudi Arabia posts 27.8 bn riyals surplus in Q1 - Finance Ministry

 DUBAI: Saudi Arabia posted a surplus of 27.8 billion riyals ($7.41 billion) in the first quarter of this year, the Finance Ministry said in a statement, its first surplus since 2014.

The kingdom's oil revenues in the first three months of the year amounted to 169 billion riyals, a 48 percent increase from the same period last year.

Non-oil revenues - which give a measure of Saudi Arabia's achievements in diversifying its economy away from crude reliance - amounted to 76.3 billion riyals, a 46 percent increase year-on-year, the ministry said. ($1 = 3.7500 riyals)