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The largest oil company in the world has increased its net profit by a third

Near East / Business and Finance
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The recovery in global oil demand in the first quarter helped Saudi Aramco perform well.

The largest oil company in the world has increased its net profit by a third

Saudi Aramco's first quarter net income rose to $ 21.7 billion, up 30% from the same period last year.

This growth was facilitated by the strengthening of the international oil market, as well as an increase in the profitability of oil refining and chemical products. This is evidenced by the company's financial report published today.

Saudi Aramco President and Chief Executive Officer Amin Nasser said the company's strong performance in the first quarter was fueled by a boost from the global economic recovery, which strengthened energy markets and Saudi Aramco's financial and operational flexibility.

A. Nasser also said that given a number of positive signs, he is optimistic about global energy demand this year.

Saudi Aramco's 2020 net income fell about 45% to $ 49 billion from the previous year as the coronavirus outbreak hit global energy demand.

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