The Strategist

Saudi Aramco boosts first-quarter net profit by 30%

05/05/2021 - 04:09

Saudi Aramco, the world's largest oil company, posted a net profit of $21.7 billion in the first quarter of 2021, up 30% from the same period last year, the company said in a statement.

The result was attributed to improved global economic and oil market conditions, higher margins in refining and petrochemicals, which partially offset production declines, the release said.

Cash flow from operations and free cash flow for the period were $26.5 billion and $18.3 billion, respectively. 

Capital expenditure was on the downside of $8.2 billion. In addition, Aramco announced a dividend of $18.8 billion at the end of the first quarter, which will be paid in the second quarter.

Regarding operating results, Aramco's hydrocarbon production in the first quarter was 11.5 million barrels per day of oil equivalent, including 8.6 million barrels per day of oil alone.