Oil giant Aramco recorded its first quarter on rising oil prices

The Saudi Aramco logo is featured on October 12, 2019 at the Abkaik oil facility in Saudi Arabia.

Maxim Shemetov | Reuters

Oil giant Aramco jumped more than 80% in net profit on Sunday, surpassing analysts’ expectations and setting a new quarterly earnings record since its IPO.

Saudi Arabia’s Behemoth says net income rose 82% to $ 39.5 billion in the first three months of the year, up $ 21.7 billion from the same period last year. Analysts surveyed by Reuters forecast net income of 38.5 billion.

The record quarter for Aramco comes in the form of a standout quarter for Big Oil, which is benefiting from sharp rise in oil and gas prices. Aramco said its earnings were driven by higher crude oil prices, increased sales volumes and improved margins.

“In the first quarter, our strategic downstream expansion has made further progress in both Asia and Europe, and we continue to develop opportunities that meet our growth targets,” said Amin Nasser, President and CEO of Aramco, in a statement on Sunday.

“Against the backdrop of increasing volatility in the global market, we are focused on helping meet global energy demand that is reliable, affordable and increasingly sustainable.”

With a market cap of about 43 2.43 trillion on Wednesday, Aramco surpassed Apple last week to become the most valuable company in the world.

This is a breaking news and will be updated soon.

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