Results: Saudi Aramco's Q1 net profit rises by 30%

IANSUpdated: Tuesday, May 04, 2021, 06:28 PM IST
article-image
Saudi Aramco |

Saudi Arabia's oil giant Aramco said on Tuesday that its net profit increased by 30 per cent in the first quarter of 2021, due to higher oil prices and an improved economic environment amid the pandemic.

Its net income this quarter reached $21.7 billion compared to $16.7 billion in the same period last year, reports dpa news agency.

The company said it will distribute cash dividends totalling $18.8 billion, due in the second quarter."Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming.

And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover," Aramco President and CEO Amin Nasser, said in a statement.

The results reflect a dramatic shift from last year due to the coronavirus pandemic and lower oil prices.In 2020, Aramco said its net profit fell by nearly half of what it was in 2019.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Maharashtra govt freezes rights of 6 MHADA board CEOs

Maharashtra govt freezes rights of 6 MHADA board CEOs

Geetanjali Shree's 'Tomb of Sand' is first Hindi novel to win International Booker Prize

Geetanjali Shree's 'Tomb of Sand' is first Hindi novel to win International Booker Prize

Few trains of Western Railway to be affected due to work of double line between Jagudna –...

Few trains of Western Railway to be affected due to work of double line between Jagudna –...

Mumbai: Prepaid black and yellow taxi stands at CSMT to restart after nearly 2.5 yrs

Mumbai: Prepaid black and yellow taxi stands at CSMT to restart after nearly 2.5 yrs

Mumbai: Cyber-fraud offers victim lucrative telecom plan, siphons Rs 2.25L from his bank account in...

Mumbai: Cyber-fraud offers victim lucrative telecom plan, siphons Rs 2.25L from his bank account in...