On Tuesday, Aramco, the Saudi Arabia’s state-backed oil giant, had beaten analysts’ estimate for quarterly profit over first fiscal quarter of 2021 and maintained its dividend pay-offs with net first-quarter profit having surged by 30 per cent on an annualized basis, mostly driven by a strong crude oil price.
In point of fact, latest quarterly earnings’ report from Aramco, the world’s most profitable company on an unaudited basis, comes over the heels of a raft of strong earnings’ from major global oil companies such as ExxonMobil, which had also handily beaten analysts’ forecast for quarterly profit last week, as fuel demand outlook remains riant over optimism of a recovery from the pandemic’s fiscal fallouts.
A bottlenecked global surplus of crude oils, in tandem, bode well for big-league oil supermajors.
Saudi Aramco beats Q1, 2021 profit estimates, maintains dividends
According to Saudi Aramco’s quarterly earnings’ report for fiscal first quarter of 2021 that ended on March 31, the resource-rich Kingdom’s oil mogul had posted a roughly 30 per cent increase in net income to $21.7 billion, compared to a net income of $16.7 billion clocked at the same time a year earlier.
Apart from that, Aramco said on its quarterly earnings’ report published earlier in the day that it would maintain a dividend pay off of $18.8 billion for the first quarter, which has been well in alignment with a prior forecast of $75 billion in annual dividends.
Meanwhile, as Saudi Aramco was quoted saying that its earnings were primarily boosted by a higher crude oil price alongside a higher refining and chemicals profit-margin, Aramco Chief Executive Amin Nasser said in a statement following the announcement, “Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming.
And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover. ”