Energy

Oil giant Saudi Aramco beats estimates with 30% hike in first-quarter profit

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Oil giant Saudi Aramco reported a 30% jump in net income Tuesday, in a sign of a continued recovery from the previous year’s oil market crash that saw full-year earnings for the state firm slashed in half.

In a release published Tuesday, the company said net income rose to $21.7 billion in the first three months of the year, up from $16.6 billion in the same period last year.

It beat some analysts’ estimates of $17.24 billion, despite lower oil production in February and March. The figure nears the firm’s net income level in the first quarter of 2019, which was $22.2 billion.

The company said free cash flow in the first quarter of 2021 was $18.3 billion, up from $15 billion over the same…



Source cnbc.com

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