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Saudi Aramco Reports First Quarter 2022 Net Profit of $39.5 Billion

State-owned oil producer Saudi Aramco reported a nearly 82% rise in first-quarter net profit on Sunday, broadly in line with analysts’ forecasts, helped by strong oil prices.

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Aramco, which is tied with Apple Inc as the world’s most valuable companies, reported net income of $39.5 billion for the quarter to March 31, up from $21.7 billion a year earlier.

The world’s top oil exporter is expected to post net income of $38.5 billion, according to a median estimate of 12 analysts provided by the company.

“Amid heightened global market volatility, we remain focused on meeting global demand for reliable, affordable and increasingly sustainable energy,” said CEO Amin Nasser.

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth,” he added.

Nasser also said he was optimistic about both supporting customers and transitioning to alternative energy sources in the future.

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