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Saudi Aramco says net profit up more than 25% in first quarter

AFP
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Saudi-Aramco-AFP-Riyadh

A picture taken in Riyadh shows an Aramco gas station on the outskirts of the Saudi capital on November 5, 2024. (AFP/File)

RIYADH: Saudi oil giant Aramco said Sunday its net profit rose by more than 25 percent in the first quarter of the year compared to the same period in 2025, driven by greater crude oil sales and higher prices.


The result comes after the Middle East war sent oil and gas prices soaring and uncertainty plagues global markets over the conflict’s trajectory.


The group, majority-owned by the state, said in a statement published on the Saudi stock exchange website that its “increase in revenue was mainly due to higher prices and volumes sold of refined and chemical products as well as higher crude oil volumes sold and higher crude oil prices.”


Crude prices jumped during the first quarter from the mid $60s in early February to more than $100 a barrel in March as Iran’s shutdown of the Strait of Hormuz sparked a global energy crisis.


Aramco, the world’s biggest oil exporter, said in its statement that net income in the first quarter of 2026 reached 120.13 billion Saudi riyals ($32.04 billion), compared to 95.68 billion riyals ($25.51 billion) for the same quarter in 2025.


“The increase was mainly driven by higher revenue and other income related to sales, partially offset by higher operating costs and an increase in income taxes and zakat driven by higher taxable income compared to the same quarter of the previous year,” it said