Due to strong oil prices, Saudi Aramco's net profit increased by 82 percent in the first quarter.

Saudi Aramco reported a nearly 82% increase in its first-quarter net income . The world's largest oil exporter reported a net income of $39.5 billion .

Saudi Aramco, a state-owned oil company, reported a nearly 82 percent increase in its first-quarter net income on Sunday, much in line with analyst expectations, owing to strong oil prices.Aramco reported a net income of $39.5 billion for the quarter ended March 31, down from $21.7 billion a year before, which is on par with Apple Inc as the world's most valuable company.According to a median estimate provided by the company, the worlds largest oil exporter was expected to report a net income of $38.5 billion.Aramco, which became publicly traded in 2019 with the auction of a 1.7% interest, mainly to the Saudi public and regional authorities, reported its earnings were the highest in any year since it went public, thanks to crude prices, volumes sold, and improved downstream margins.

Brent crude prices increased nearly 70% to $107.91 a barrel at the end of the first quarter, reaching their peak level since March 2021.OPEC+ committed to another modest increase in its monthly oil production goal this month, arguing that it cannot be faulted for Russian supply disruptions that have risen prices.It also said that China's coronavirus lockdowns were putting downward pressure on demand.The company declared a $18.8 billion dividend to be paid in the second quarter, in accordance with market expectations, and approved the distribution of one bonus share for every ten shares in the corporation.