Riyadh, May 10 (SANA) Saudi oil giant Aramco reported a 25.5% rise in first-quarter net profit as higher global crude prices and continued energy market tensions boosted revenues.
In a statement published Sunday on the Saudi stock exchange website Tadawul and cited by AFP, the company said net income attributable to shareholders rose to 120.13 billion riyals ($32.04 billion), up from 95.68 billion riyals ($25.51 billion) during the same period last year.
Aramco said stronger revenues and increased sales-related income were the main drivers behind the rise in earnings, which exceeded analysts’ average expectations of $31.1 billion.
The company also said it operated the East-West pipeline at its maximum capacity of 7 million barrels per day during the quarter to support exports through Red Sea ports amid continued disruptions affecting Gulf shipping routes.
The results mark Aramco’s first quarterly profit increase after 12 consecutive quarters of decline and come as major global energy companies continue to benefit from elevated oil and gas prices linked to tensions in the Middle East and instability around the Strait of Hormuz.
Global energy markets have experienced significant volatility in recent months following the U.S.-Israeli-Iranian conflict and maritime tensions in the Gulf, with oil prices exceeding $100 per barrel during some periods.
Several energy facilities and oil infrastructure sites in Gulf countries, including Saudi Arabia, were also targeted in Iranian attacks before Riyadh announced the restoration of operations at a number of key facilities and transport lines.
N.J/ABD
