Middle east

Saudi Aramco Net Income Grew 30% in Q1 Year-on-Year

MOSCOW (Sputnik) – Saudi Arabia’s state-owned oil company Saudi Aramco on Tuesday announced gaining $21.7 billion in net income in the first quarter of 2021, a 30 percent increase compared to the same period last year.

“Aramco’s net income was $21.7 billion for the first quarter, a 30% increase from $16.7 billion in Q1 2020, primarily driven by a stronger oil market and higher refining and chemicals margins, partly offset by lower production”, the company said in a statement.

The company also declared a dividend of 18.8 billion for the first quarter, which will be paid in the second one.

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