Saudi Aramco Reports Over 25% Increase in Q1 Net Profit Amid Rising Oil Prices
Saudi Aramco says net profit up more than 25% in first quarter
Khaleej Times
Image: Khaleej Times
Saudi Aramco, the world's largest oil exporter, reported a net profit of 120.13 billion Saudi riyals (approximately $32.04 billion) in the first quarter of 2026, marking a 25% increase from the previous year. The surge is attributed to higher crude oil prices and sales volumes, influenced by geopolitical tensions in the region.
- 01Saudi Aramco's Q1 net profit reached 120.13 billion Saudi riyals ($32.04 billion).
- 02This represents a 25% increase compared to Q1 2025.
- 03Crude oil prices rose sharply, exceeding $100 per barrel in March 2026.
- 04The increase in profit was driven by higher sales volumes and prices of crude and refined products.
- 05Operating costs and taxes also increased, impacting overall profit margins.
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Saudi Aramco, the state-owned oil giant of Saudi Arabia, announced a significant increase in its net profit for the first quarter of 2026, reporting 120.13 billion Saudi riyals (around $32.04 billion), which is an increase of over 25% from 95.68 billion riyals ($25.51 billion) in the same quarter of 2025. This growth is largely attributed to a rise in crude oil prices and sales volumes, particularly following geopolitical tensions that have affected global oil markets. During this period, crude prices surged from the mid-$60s in early February to more than $100 per barrel by March, largely due to Iran's actions in the Strait of Hormuz, which have raised concerns about energy supply stability. Although the profit increase was substantial, it was somewhat tempered by rising operating costs and higher taxes associated with increased taxable income.
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The rise in Saudi Aramco's profits indicates a strong performance in the Saudi economy, which heavily relies on oil revenues. This could lead to increased government spending and investment in infrastructure.
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