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  • 05-05-21

    Saudi Aramco net income in 1Q reaches 30 percent higher than 2020

    (MENAFN)Saudi Aramco, the world’s biggest oil company, hit experts’ estimations with a profit of USD21.7 billion in the first three months of 2021 as the global energy outlook enhanced.

    As the pandemic started to impact world oil demand, net income in the first quarter stood at 30 percent higher than 2020. The big increase in Aramco profits was due to higher refining and chemicals margins.

    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,” stated Amin Nasser, president and chief executive of Aramco.

    Aramco trapped to the vow it made at the time of its record-breaking first public offering in late 2019 by paying a big dividend — about USD18.8 billion — for the quarter. Nasser further declared that “For our customers we remain a supplier of choice, and for our shareholders we continue to deliver an exceptional quarterly dividend.”

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