Saudi oil firm Aramco’s first-quarter profits up by 30%

Saudi Aramco’s profits soared by 30% for the first quarter (AP)

Saudi Aramco’s profits soared by 30% for the first quarter of the year, riding on the back of higher crude oil prices.

The company’s financial results show a net income of 21.7 billion dollars (£15 billion) for the first three months of the year, compared to the same period in 2020 when Aramco’s earnings plunged to 16.7 billion dollars (£12 billion) as the early effects of the coronavirus pandemic were beginning to dramatically drive down global demand for oil.