Oil giant Saudi Aramco beats estimates with 30% hike in first-quarter profit

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Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field.

Stanislav Krasilnikov | TASS via Getty Images

Oil giant Saudi Aramco reported a 30% jump in net income Tuesday, in a sign of a continued recovery from the previous year’s oil market crash that saw full-year earnings for the state firm slashed in half.

In a release published Tuesday, the company said net income rose to $21.7 billion in the first three months of the year.

The kingdom’s behemoth oil producer also said a dividend of $18.8 billion would be paid out in the second quarter.

This is a breaking news story and will be updated shortly.

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