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HomeEconomySaudi Aramco earnings surge 82 per cent in first quarter

Saudi Aramco earnings surge 82 per cent in first quarter

Saudi Aramco has reported $39.5bn in earnings within the first quarter of 2022, up 82 per cent 12 months on 12 months as a result of surge in world power costs as a consequence of Russia’s warfare in Ukraine.

Aramco — which final week overtook Apple because the world’s Most worthy firm — declared that it will pay shareholders an $18.8bn dividend, citing elevated oil costs and improved downstream margins.

“Vitality safety is important and we’re investing for the long run, increasing our oil and fuel manufacturing capability to fulfill anticipated demand development,” mentioned Aramco chief govt Amin Nasser.

The outcomes have been the power firm’s strongest because it floated in 2019.

Extra to return . . .

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