Saudi oil giant Aramco sees profits rocket 80%

Aramco has seen profits soar (Amr Nabil/AP)

Oil giant Saudi Aramco has said its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and soaring prices following Russia’s invasion of Ukraine.

The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co show a record net income of 39.5 billion US dollars (£32.2 billion) up from 21.7 billion US dollars (£17.7 billion) during the same period last year.