Saudi Aramco says Q1 profits jump 82% as oil prices surgeA sign in front of Aramco's offices in the Saudi capital RiyadhRIYADH: Saudi Aramco on Sunday posted an 82% jump in first quarter profits, buoyed by a global surge in oil prices that has made it the world's most valuable company. The announcement continued a string of recent positive economic news for Saudi Arabia, where a booming oil sector is fuelling the fastest growth rate in a decade. Also on Sunday, Aramco announced it was issuing 20 billion bonus shares to shareholders -- one share for every 10 shares already owned. Saudi Arabia has sought both to open up and diversify its oil-reliant economy, especially since Mohammed bin Salman's appointment as crown prince in 2017. Aramco floated 1.7% of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world's biggest initial public offering.

Source: Bangkok Post May 15, 2022 19:56 UTC