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Saudi Aramco’s quarterly earnings are up nearly a third

Saudi Aramco reported a 30 percent increase in profits in the first quarter due to higher oil prices, and stronger refining and chemical margins offset lower production.

The Saudi state energy group said the net profit for the three months to March 31 was $ 21.7 billion, a year ago when more than $ 16.7 billion was taken from the coronavirus pandemic worldwide. This exceeded analysts ’$ 19.4 billion forecast.

“Given the positive signs of energy demand in 2021, there are more reasons to be optimistic that better days are coming,” said CEO Amin Nasser. “And while some headwinds are still maintained, we are well positioned to meet the world’s energy needs as the economy begins to recover.”

Free cash in the quarter stood at $ 18.3 billion, which was not enough to cover the dividend that the company will pay within three months (largely to the government) of $ 18.8 billion.

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