Aramco Q1 Profit Rises 25 Percent to 32.5 Billion Dollars
Saudi Aramco reported a first-quarter net profit of 32.5 billion dollars as its East-West pipeline reached maximum capacity to bypass shipping disruptions in the Strait of Hormuz. The state oil giant increased its base dividend by 3.5 percent despite a slight decline in free cash flow.
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SAUDI ARABIAN OIL CO reported a 25% jump in first-quarter net profit to $32.5 billion on Sunday morning. Earnings beat the LSEG consensus estimate of $30.95 billion as energy prices rose during the Iran shipping blockade. The results prove Aramco can maintain global supplies by bypassing the Strait of Hormuz via its East-West pipeline.
