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

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)