Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) achieved an increase of 30% in net profits to $21.7 billion (SAR 81.44 billion) during the first quarter (Q1) of 2021, compared with $16.7 billion (SAR 62.47 billion) in Q1-20, according to a press release.

The annual rise was mainly driven by a stronger oil market as well as higher refining and chemicals margins, partly offset by lower production.

Revenue surged 20.6% year-on-year (YoY) to $72.55 billion (SAR 272.07 billion) in Q1-21 from $60.15 billion (SAR 225.56 billion) in Q1-20.

Earnings per share (EPS) stood at $0.1 (SAR 0.39) in the three-month period ended 31 March 2021, compared to $0.08 (SAR 0.32) in the corresponding period last year.

Aramco says it demonstrated “reliable upstream performance” with an average total hydrocarbon production of 11.5 million barrels per day (b/d) of oil equivalent in Q1-21, of which 8.6 million b/d were crude oil.

Aramco President and CEO, Amin Nasser, said:  “We made further progress towards our strategic objectives during the quarter and our portfolio optimisation programme continues to identify value creation opportunities, such as the recent announcement of our landmark $12.4 billion pipeline infrastructure deal.”

Last month, Aramco signed an agreement worth $12.4 billion (SAR 46.5 billion) with a consortium led by EIG Global Energy Partners to sell 49% equity of Aramco Oil Pipelines Company. It was later reported that UAE’s Mubadala Investment Company was in talks with EIG Global to join the consortium.

Nasser added, “Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming.”

A recent research paper expected the MENA region will become a market leader in renewable and clean energy.

It is worth noting that Saudi Aramco will be distributing $18.8 billion (SAR 70.33 billion) as cash dividends for Q1-21.