Just a few days after displacing iPhone maker Apple as the world¡¯s most valuable company, Saudi Aramco is celebrating another big win. The company has posted its highest profits since its 2019 listing, as per a report in BBC. This comes amidst the surge in oil and gas prices around the world.
Energy giant Saudi Aramco saw an 82% jump in profits in the first quarter of 2022, with net income topping $39.5bn (?32.2bn) during this period of Jan-March,up from $21.7bn during the same period last year.?
The second most valuable company Apple¡¯s revenue, on the other hand, was $97.28 billion in the same quarter.
Saudi Aramco is also the official sponsor for Orange Cap & Purple Cap for IPL (Indian Premier League), after it signed a multi-year deal worth ?65 crores per year with BCCI, as per InsideSport.
In a press release, the world¡¯s most valuable firm Saudi Aramco said it had been boosted by higher prices, as well as an increase in production.
The invasion of Ukraine has seen oil and gas prices skyrocket.
Although Russia is one of the world's biggest exporters, Western nations have pledged to cut their dependence on the country for energy, as per a BBC report.
Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic and demand outstripped supply, but the war has triggered the surge to go even higher.
On the other hand, energy firms including Shell, BP and TotalEnergies have also reported soaring profits as a result, although many are incurring costs exiting operations in Russia, as per BBC.
Saudi Aramco also announced on Sunday that it would issue 20 billion bonus shares to shareholders - one share for every 10 shares already owned.
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Saudi Aramco's President and chief executive, Amin Nasser, reportedly said on Sunday that the company was "focused on helping meet the world's demand for energy that is reliable, affordable and increasingly sustainable".
He added, "Energy security is vital and we are investing for the long-term.".
In March 2022, the oil and gas producer pledged to ramp up investment and boost output significantly over the next five to eight years.
UK Prime Minister Boris Johnson had visited the world's biggest oil exporter that month to try to persuade it to release more oil into world markets in the short term.
For the uninitiated, Saudi Arabia is the largest producer in the oil cartel OPEC (Organization of the Petroleum Exporting Countries) and raising production it could help to reduce energy prices.
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