Saudi Aramco profits jump 82 percent as oil prices surge
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Saudi Aramco on Sunday posted an 82-percent jump in first quarter profits, stoked by a global surge in oil prices that has made it the world's most valuable company.

The announcement continued a string of recent positive economic news for Saudi Arabia, where a booming oil sector is fuelling the fastest growth rate in a decade.

Aramco's net income of $39.5 bn was up from $21.7 bn compared with the same period in 2021, "primarily driven by higher crude oil prices and volumes sold, and improved downstream margins", it said in a press release.

Later on Sunday, the finance ministry announced quarterly revenue growth of 36 percent compared with the same period in 2021, yielding a surplus equivalent to more than $15bn, state media reported

Aramco is Saudi Arabia's "crown jewel" and primary source of revenue.

The latest financial results were published four days after Aramco dethroned Apple as the world's most valuable company, with shares worth $2.42 trillion compared to Apple's $2.37 trillion.

Last year, ahead of the COP26 climate-change summit, Saudi Arabia pledged to achieve net zero carbon emissions by 2060, sparking scepticism from environmental campaign group Greenpeace.

With increasing global urgency to limit global warming, experts warn of the urgent need to reduce fossil fuel use.

In March, Aramco reported a 124 percent net annual profit increase for 2021.

The net income for the first quarter was a record for Aramco since its initial public offering in 2019.

The world's biggest oil exporter has resisted US entreaties to raise output in an attempt to rein in prices that have spiked since Russia's war in Ukraine began.

Aramco floated 1.7 percent of its shares on the Saudi Stock Exchange in December 2019, generating $29.4bn in the world's biggest initial public offering.

In February, the kingdom shifted four percent of Aramco shares, worth $80bn, to the country's sovereign wealth fund - a move analysts saw as a possible prelude to further opening up the oil giant.



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