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Saudi Aramco Take Off Profit 30% in Q1 2021



The energy giant from Saudi Arabia, Saudi Aramco, on Tuesday (4/5/2021) announced that the company posted a 30% increase in profit in the first quarter of 2021.

 Quoted from AFP, Aramco said its net profit rose to US $ 21.7 billion or around Rp 313 trillion (assuming an exchange rate of Rp 14,400 per US $) in the first three months of this year, compared to US $ 16.7 billion (Rp 240 trillion).  in the same quarter of 2020. The jump in net profit was due to the stronger oil market and higher margins for refineries and chemicals.

 The first-quarter profit beat estimates of around US $ 20 billion (Rp 280 trillion) by RBC Capital Markets, which said the results highlight "Aramco's influence on rising commodity prices".

 "The momentum provided by the global economic recovery has strengthened the energy market," said Aramco CEO Amin Nasser in a statement.

 "Given the positive signs for energy demand in 2021, there is more reason to be optimistic that better days are coming. And while some resistance remains, we are in a good position ... as the economy starts to recover,"  he continued.

 With this profit, the company also stated that it will declare dividends of US $ 18.8 billion (Rp 271 trillion) in the first quarter.  This is in line with the company's plan to pay an annual dividend of US $ 75 billion (IDR 1,082 trillion).

 Oil prices plunged in the middle of the first quarter of last year as the pandemic shut down a large part of the global economy, adding to the pressure on oil-producing countries, including OPEC champion Saudi Arabia.

 The strong earnings provide relief for Aramco, which is Saudi Arabia's motor of income.  Previously, the company had revealed consecutive declines in profit since it started publishing revenue in 2019.

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