Oil giant Saudi Aramco's profits soar 82% in the first quarter as the state-backed company cashes in on the soaring oil prices following Russia’s offensive in Ukraine
Sadu Aramco reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier.
The announcement on Sunday continued a string of recent positive economic news for Saudi Arabia, where a booming oil sector is fuelling the fastest growth rate in a decade. The latest financial results were published four days after Aramco dethroned Apple as the world's most valuable company, with shares worth $2.42 trillion compared to Apple’s $2.37 trillion.But the company, the kingdom's "crown jewel" and a key source of government revenue, faces security challenges related to an ongoing war by a Saudi-led military coalition against Yemen's Huthi rebels, who have repeatedly targeted the kingdom, including Aramco sites.
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