Aramco earns 38,000 million euros in the first quarter of the year

Riyadh, May 15 (EFE) .- The Saudi state oil company Aramco earned 39,500 million dollars (almost 38,000 million euros) in the first quarter of the year, 82% more than in the same period of 2021 and its best results since the company went public in 2019, all fueled by high crude prices.

This was indicated by the oil company in a statement in which it noted that its net income almost doubled the 21.7 billion dollars (20.8 billion euros) of the first quarter of 2021, mainly driven by «the higher prices of crude oil and volumes sold, and better margins in «downstream» (refining and marketing)».

With these results, Aramco said that it has achieved «record» quarterly income since it went public in 2019 and added that it will distribute a dividend of 18,800 million dollars (18,056 million euros) in the second quarter.

Aramco Chief Executive Amin Nasser said that «in a context of great volatility in global markets», the company remains focused on «helping to meet the world’s demand for energy that is reliable, affordable and increasingly sustainable». , is noted in the note.

«Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated growth in demand and creating long-term value for shareholders,» he said.

Likewise, Nasser was «more optimistic than ever» about Aramco’s «positive» contribution by collaborating with national and international partners in order to «explore new and emerging technologies and solutions, from the development of cleaner transportation technologies to the establishment of low-carbon hydrogen and ammonia value chains».

Aramco also announced that its free cash flow increased by 68% year-on-year, from 38,200 million dollars (36,690 million euros) registered this quarter compared to 26,500 million dollars (25,452 million euros) in the first three months of 2021.

The company’s growth continues to rise due to high oil prices, which also caused the oil company’s profits to skyrocket in 2021, up to 124% more than the previous year, a period of global crisis caused by the covid-19 pandemic .

(c) EFE Agency