30% rise in Saudi Aramco’s Q1 net profit

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Its net income this quarter reached $21.7 billion compared to $16.7 billion in the same period last year…reports Asian Lite News

Saudi Arabia’s oil giant Aramco said on Tuesday that its net profit increased by 30 per cent in the first quarter of 2021, due to higher oil prices and an improved economic environment amid the pandemic.

Its net income this quarter reached $21.7 billion compared to $16.7 billion in the same period last year, reports dpa news agency.

The company said it will distribute cash dividends totalling $18.8 billion, due in the second quarter.

“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming. And while some headwinds still remain, we are well-positioned to meet the world’s growing energy needs as economies start to recover,” Aramco President and CEO Amin Nasser, said in a statement.

The results reflect a dramatic shift from last year due to the coronavirus pandemic and lower oil prices.

In 2020, Aramco said its net profit fell by nearly half of what it was in 2019.

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Meanwhile, the Kingdom will lift the suspension on its citizens travelling abroad from 1:00 am on Monday, May 17, according to the Saudi Press Agency.

All citizens who have been vaccinated or have recovered from Covid-19 are eligible to travel,as well as those under 18.

Growth chart. (File Photo: IANS)

The following categories will be covered by the decision: “Immunised citizens who received two full doses of the (COVID-19) vaccine, as well as those who received one dose, provided that (14) days have passed since they were vaccinated with the first dose, and as confirmed by the data displayed on Tawakkalna App. Second: Citizens who have recovered from the Coronavirus, provided that they have spent less than (6) months since they were infected, and as confirmed by the data displayed on Tawakkalna App. Third: Citizens under the age of 18 years, provided that they submit an insurance policy before travel approved by the Saudi Central Bank, covering the risks of (COVID-19) outside the Kingdom of Saudi Arabia, and according to the instructions announced by the relevant authorities. This category will be subjected to home quarantine after returning to the Kingdom of Saudi Arabia for a period of (7) days, provided that a PCR test is taken at the end of the quarantine period, while persons under the age of (8) years are exempt from the PCR test. and this category is subject to amendment according to the instructions of the Ministry of Health,” according to SPA.

A Saudi Ministry of Interior official source stressed the need for everyone to adhere to the precautionary and preventive measures, and not to be complacent in applying health requirements, such as social distancing, wearing a mask, and continuously disinfecting hands.

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