Energy giant Saudi Aramco on Tuesday posted a 30 percent jump in first quarter profits, in a sign of recovery from last year's oil market crash fuelled by the coronavirus pandemic.
Aramco said its net profit rose to $21.7 billion in the first three months of the year, compared to $16.7 billion in the same quarter of 2020, owing to a stronger oil market and higher refining and chemicals margins.
The bumper results follow strong profits posted last month by major oil firms -- including France's Total, Britain's BP and Anglo-Dutch group Shell -- as a recovery in crude prices fuelled their rebound from the pandemic.
"The momentum provided by the global economic recovery has strengthened energy markets," Aramco chief executive Amin Nasser said in a statement, AFP reported.
"Aramco's operational flexibility, financial agility and the resilience of our employees have contributed to a strong first quarter performance."
According to Reuters, the company also confirmed it would deliver on a promised dividend payout of $18.75 billion for its shareholders.
Aramco is more than 98% owned by the Saudi government, with 1.7% traded on the Saudi stock exchange.