RIYADH: Saudi Aramco on Sunday posted an 82% jump in first quarter profits, buoyed by a global surge in oil prices that has made it the world’s most valuable company.
The announcement continued a string of recent positive economic news for Saudi Arabia, where a booming oil sector is fuelling the fastest growth rate in a decade.
Aramco’s net income of $39.5 billion was up from $21.7 billion compared with the same period in 2021, “primarily driven by higher crude oil prices and volumes sold, and improved downstream margins,” it said in a press release.
The latest financial results were published four days after Aramco dethroned Apple as the world’s most valuable…
