Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and soaring oil prices following Russia’s invasion of Ukraine.
The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co. show a record net income of $39.5 billion, up from $21.7 billion during the same period last year.
