Saudi Aramco unveiled record quarterly profits of US$39.5bn as the world's most valuable company gains from surging oil prices following Russia's invasion of Ukraine.
First-quarter net profits for the state-owned oil producer rose by 82% compared to the first quarter last year, as the price of Brent crude ended March at just under US$105 a barrel, compared to around US$70 a year ago.
The world's largest oil exporter was forecast to post a net income of US$38.5bn, based on the estimates of 12 analysts provided by the company.
A dividend of US$18.8bn has been declared by the company to be paid in the second quarter, in line with expectations, and a bonus share is to be distributed for every ten shares held by shareholders.
Aramco, which listed in 2019 with the sale of a 1.7% stake to the Saudi public and regional institutions, reported its highest earnings in any quarter since it went public, powered by improved crude prices, volumes sold and downstream margins.
The energy company's highest profit since listing in 2019 comes days after it overtook Apple as the world's most valuable company.
Aramco's shares increased another 4.7% on local Sunday trading, taking its value to US$2.64 trillion, while Apple was valued at US$2.38 trillion as of Friday's close.
"During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives," Aramco chief executive Amin Nasser said in a statement.
First quarter capital expenditure was US$7.6bn, with the company planning to increase investment until the middle of the decade, in support of its long-term plan.
Among other global energy companies, BP and Shell have seen their profits rise to their highest levels in more than a decade as a result of rising commodities prices, even as they incur mostly write-downs from exiting Russia.
While Shell posted quarterly profits of US$9.1bn earlier this month, almost three times as much as the first quarter of last year and the highest since 2008, rival BP recorded a decade-high quarterly profit of US$6.2 bn, but suffered a US$25bn loss when it exited its Russian joint venture.