Saudi oil giant Aramco’s first-quarter profits surge 80%

By ISABEL DEBRE
Associated Press

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco says its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and soaring oil prices following Russia’s invasion of Ukraine. The bumper first-quarter earnings announced Sunday by the firm formally known as the Saudi Arabian Oil Co. show a record net income of $39.5 billion, up from $21.7 billion during the same period last year. Already, resurgent economic activity and the relaxation of global coronavirus restrictions had revived demand for hydrocarbons and delivered strong annual results for the state-backed company last year.