Saudi Aramco beats forecasts with 30% profit rise

by | May 4, 2021

Saudi Aramco on Tuesday beat expectations with a 30% rise in first-quarter profit and held its dividend as the state producer was assisted by recovering oil prices.
Net income rose to $21.7bn for the three months to March 31 from $16.7bn a year earlier. Analysts had expected a net profit of $19.48bn.

Profits were driven by a stronger oil market and higher refining and chemicals margins, partly offset by lower production, Aramco said on Tuesday.

“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming,” chief executive Amin Nasser said.

“And while some headwinds still remain, we are well-positioned to meet the world’s growing energy needs as economies start to recover.”

Aramco declared a dividend of $18.8bn for the quarter, to be paid in the second three months of the fiscal year, in line with company guidance of a $75bn dividend for this year.

Average total hydrocarbon production came in at 11.5m barrels per day of oil equivalent in the first quarter of 2021, including 8.6m barrels per day of crude oil.

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x