Saudi Aramco net profit soars 82pc in first quarter

State-owned oil producer Saudi Aramco on Sunday reported an almost 82 per cent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices.

Aramco, which is at par with Apple Inc as the world's most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier. The world's top oil exporter was forecast to post a net income of $38.5 billion, according to a median estimate from 12 analysts provided by the company.

Aramco, which listed in 2019 with the sale of a 1.7 per cent stake mainly to the Saudi public and regional institutions, said its earnings were the highest in any quarter since it went public, boosted by crude prices, volumes sold and improved downstream margins.