Aramco profit surges 30pc to $21.7bn in Q1

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Islamabad

Saudi Aramco, the world’s largest oil-exporting company, has said that its first-quarter net profit surged 30 percent to $21.7 billion from the year-earlier period, underpinned by higher oil prices and an improved economic environment.

In a statement issued on Tuesday, Aramco said it plans to pay a dividend of $18.8 billion in the second quarter.

“The momentum provided by the global economic recovery has strengthened energy markets, and Aramco’s operational flexibility, financial agility and the resilience of our employees have contributed to a strong first-quarter performance,” said Aramco President and Chief Executive Amin Nasser.

Aramco’s revenue for the first three months of the year rose by 21 percent to $72.5bn while capital expenditure during the period stood at $8.2bn. Cash flow from operating activities reached $26.5bn while free cash flow hit $18.3bn.. —Agencies

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