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Aramco Profits Soar 26% Amidst Gulf Shipping Crisis
10 May
Summary
- Saudi Aramco's Q1 profits rose 26% to $33.6 billion.
- East-west pipeline operated at maximum capacity, averting supply issues.
- Company maintained a $21.9 billion quarterly dividend payout.
Saudi Aramco announced a substantial 26% increase in profits for the first quarter, reaching $33.6 billion. Revenue also saw a nearly 7% rise to $115.5 billion compared to the previous year.
This profit boost was largely attributed to the effective utilization of its east-west pipeline, which was crucial in maintaining oil exports despite escalating tensions and conflict in the Middle East. The pipeline achieved its maximum capacity of 7 million barrels per day, successfully circumventing disruptions in the Strait of Hormuz.
The company's leadership highlighted the pipeline's critical role in mitigating global energy shocks and assisting customers facing shipping challenges. Despite the volatile situation, Aramco committed to maintaining its quarterly dividend at $21.9 billion, a move that supports Saudi Arabia's domestic spending initiatives.
