ANL 11.20 Decreased By ▼ -0.25 (-2.18%)
ASC 9.71 Decreased By ▼ -0.09 (-0.92%)
ASL 12.00 Increased By ▲ 0.65 (5.73%)
AVN 80.00 Increased By ▲ 1.70 (2.17%)
BOP 5.94 Increased By ▲ 0.11 (1.89%)
CNERGY 5.70 Increased By ▲ 0.16 (2.89%)
FFL 6.85 Decreased By ▼ -0.12 (-1.72%)
FNEL 6.26 Increased By ▲ 0.11 (1.79%)
GGGL 12.10 Decreased By ▼ -0.05 (-0.41%)
GGL 16.89 Increased By ▲ 0.07 (0.42%)
GTECH 9.45 Decreased By ▼ -0.20 (-2.07%)
HUMNL 7.00 Increased By ▲ 0.35 (5.26%)
KEL 2.68 Increased By ▲ 0.12 (4.69%)
KOSM 3.09 Increased By ▲ 0.09 (3%)
MLCF 27.50 Increased By ▲ 0.25 (0.92%)
PACE 3.09 Decreased By ▼ -0.01 (-0.32%)
PIBTL 5.99 Decreased By ▼ -0.12 (-1.96%)
PRL 17.58 Decreased By ▼ -0.30 (-1.68%)
PTC 7.62 Decreased By ▼ -0.53 (-6.5%)
SILK 1.29 Decreased By ▼ -0.14 (-9.79%)
SNGP 27.40 Increased By ▲ 1.31 (5.02%)
TELE 11.64 Decreased By ▼ -0.12 (-1.02%)
TPL 9.90 Increased By ▲ 0.01 (0.1%)
TPLP 18.62 Increased By ▲ 0.94 (5.32%)
TREET 29.70 Decreased By ▼ -0.40 (-1.33%)
TRG 81.11 Decreased By ▼ -0.57 (-0.7%)
UNITY 22.48 Decreased By ▼ -0.79 (-3.39%)
WAVES 13.45 Decreased By ▼ -0.05 (-0.37%)
WTL 1.56 Decreased By ▼ -0.04 (-2.5%)
YOUW 5.09 Decreased By ▼ -0.01 (-0.2%)
BR100 4,262 Increased By 29.5 (0.7%)
BR30 15,499 Increased By 12.7 (0.08%)
KSE100 42,861 Increased By 319.7 (0.75%)
KSE30 16,276 Increased By 133.1 (0.82%)

DUBAI: State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices.

Aramco, which is at par with Apple Inc as the world's most valuable companies, reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier. The world's top oil exporter was forecast to post a net income of $38.5 billion, according to a median estimate from 12 analysts provided by the company.

Aramco, which listed in 2019 with the sale of a 1.7% stake mainly to the Saudi public and regional institutions, said its earnings were the highest in any quarter since it went public, boosted by crude prices, volumes sold and improved downstream margins.

Earnings by global energy companies such as BP and Shell have risen to their highest in at least a decade on the back of rising commodities prices, even as many of them incur mostly write-downs from exiting Russia.

Brent crude prices ended the first quarter up almost 70% to $107.91 a barrel from end of March 2021.

Saudi Arabia lowers Arab Light oil price to Asia, Europe in June

OPEC+ agreed this month to another modest increase in its monthly oil output target, arguing it could not be blamed for disruptions to Russian supply that have driven up prices. It also said China's coronavirus lockdowns was threatening the outlook for demand.

The company declared a dividend of $18.8 billion to be paid in the second quarter, in line with market expectations, and approved the distribution of one bonus share for every 10 shares held in the company.

Comments

1000 characters