Saudi Aramco has recorded the highest gains since its listing, after oil prices soared in the wake of Russia’s invasion of Ukraine, according to Bloomberg.
Aramco, which last week overtook Apple to become the most valuable listed company in the world, followed Big Oil’s competitors such as Shell Plc and BP Plc, announcing fire profits for the first quarter. Like them, the Saudi company’s results were boosted by a jump in crude to $ 110 a barrel after the Moscow attack in late February.
The state-controlled Aramco had a net profit of $ 39.5 billion, up from $ 21.7 billion a year earlier. It kept the quarterly dividend unchanged at $ 18.8 billion.
The company benefited not only from the rise in oil by about 45% this year, but also from the gradual increase in the kingdom’s production along with other members of OPEC +. Aramco production averaged 10.2 million barrels per day between January and March, up 20% year-on-year.
Aramco raised nearly $ 30 billion with an initial public offering in Riyadh at the end of 2019. Its shares have risen 25% since the end of 2021, giving it a valuation of $ 2.38 trillion.
Source: Capital
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