Saudi Aramco profits soar by almost a third as oil prices rally

By Francesca Washtell4 days ago

Saudi Aramcos profits soared by almost a third after vaccine rollouts brought hope of an economic recovery sparking a rally in the oil price.

The worlds largest oil company made 15.6billion in the first quarter, smashing analysts forecasts of 14billion.

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Its profits had tumbled in the first three months of 2020, when crude prices nosedived as most of the world went into strict lockdowns.

But chief executive Amin Nasser yesterday said better days are coming as it committed to paying a whopping 13.5billion dividend for the first quarter alone.

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Virtually all of this will go to the Saudi government.

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