Saudi Aramco reported a 30% increase in first-quarter profits as higher oil prices and higher refining and chemicals margins offset lower production.
The Saudi Arabia State Energy Group said net income for the three months ended March 31 was $ 21.7 billion, up from $ 16.7 billion in the same quarter a year ago, as the coronavirus pandemic had taken hold in the world. That beat analysts’ forecast by $ 19.4 billion.
“Given the positive signs of energy demand in 2021, there is more reason to be optimistic about the brighter days approach,” said Amin Nasser, Managing Director. “And if some headwinds persist, we are well positioned to meet the world’s growing energy needs as economies begin to recover.”
Free cash flow for the quarter was $ 18.3 billion, which was not quite enough to cover the dividend the company will pay for the three-month period – largely to the government. – $ 18.8 billion.