Against the background of the war in Ukraine and rising oil prices, the company increased revenue by 82%, making nearly $ 40 billion in revenue in the first quarter.
The world’s largest oil company Saudi Aramco has dramatically increased its profits and become the world’s most important company, according to Bloomberg.
Thus, in the first quarter of this year, Saudi Aramco earned nearly $ 40 billion in net revenue, which is 82% more than in the first quarter of last year. This is a record since the company’s IPO in 2019.
And last week, Saudi Aramco overtook Apple Inc. and became the most important company in the world.
Such rapid revenue growth, according to the publication, is mainly associated with rising oil prices against the backdrop of the war in Ukraine.
In three months, oil prices rose 45% – to $ 110 per barrel.
Also among the factors that positively affected the financial results was the increase in production: in the first quarter, it exceeded 10 million barrels per day, which is 20% more compared to the same period in 2021.
At the same time, Saudi Aramco’s free cash flow reached $ 31 billion – the company paid off its $ 8 billion debt to Saudi Arabia’s sovereign wealth fund ahead of schedule.
It will be recalled that at the end of last year, Saudi Aramco predicted turmoil in the world due to the rapid abandonment of oil.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.