Oil giant Saudi Aramco beats estimates with 30% hike in first-quarter profit – CNBC
Oil giant Saudi Aramco reported a 30% jump in net income Tuesday, in a sign of a continued recovery from the previous year’s oil market crash that saw full-year earnings for the state firm slashed in half.
In a release published Tuesday, the company said net income rose to $21.7 billion in the first three months of the year, up from $16.6 billion in the same period last year.
It beat some analysts’ estimates of $17.24 billion, despite lower oil production in February and March. The figure nears…