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Saudi Aramco announced a 30% increase in net profits to 81.4 billion riyals (about $21.7 billion) in the first quarter of 2021, compared to the same quarter of the previous year, and analysts had expected a net profit of 19.48 billion dollars.
In a statement on the Saudi Stock Exchange website, the company said that a cash dividend of 70.33 billion Saudi riyals (18.76 billion US dollars) will be distributed to shareholders for the first quarter of 2021.
According to the statement, Saudi Aramco revenues reached 272 billion riyals in the first quarter.
Saudi Aramco said that net income in the first quarter increased due to the rise in oil prices, improved profit margins from upstream activities and the consolidation of SABIC business results, which partly countered the impact of the decrease in the quantities of crude oil sold.
It explained that the average total oil and gas production amounted to 11.5 million barrels per day of oil equivalent in the first quarter of 2021
It added that capital spending in the first quarter amounted to $ 8.2 billion
It said cash inflows from operating activities and free cash flow were $ 26.5 billion and $ 18.3 billion, respectively, in Q1.
The company’s statement showed that the debt ratio remained unchanged at 23% on March 31, 2021, compared to December 31, 2020
