Saudi Aramco Q1 net income rises 30% on stronger oil prices

Author: Nurluqman Suratman


SINGAPORE (ICIS)--Energy giant Saudi Aramco on Tuesday said that its net profit rose by 30% year on year to riyal (SR) 81.4bn in the first quarter, primarily driven by a stronger oil market.

Saudi riyal (SR) billions Q1 2021 Q1 2020 % change 
Sales 272.1 225.6 20.6%
Operational profit 151.9 129.7 17.1%
Net income 81.4 62.5 30.3%

- Higher refining and chemicals margins also supported profit growth in the first quarter, partly offset by lower production, the company said in a statement filed on the Saudi bourse, Tadawul.
- Q1 net profit growth also supported by the consolidation of SABIC’s results.
- Saudi Aramco's average total hydrocarbon production of 11.5m  barrels per day of oil equivalent in the first quarter of 2021, including 8.6m barrels per day of crude oil.

($1 = SR3.75)