Aramco’s earnings beat drives shares 4.2% higher


RIYADH: Shares of the world’s largest oil producer Saudi Aramco have surged 4.2 percent at Sunday's close after its quarterly earnings topped analyst expectations.

Aramco’s profit was up 82 percent in the first quarter of 2022 to SR148 billion ($40 billion), beating analysts' forecasts with the highest quarterly profit since it joined the Saudi Exchange in 2019.

In response to the results, shares reached SR42.35 at the closing bell, amid a race with Apple Inc. for the world’s top-valued firm spot.

With the tech major being pressured by rising inflation, strong oil prices drove state-owned Aramco to claim the top position globally in terms of market cap last week.

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