Saudi Aramco (2222) Q1 Profit Up 26% with Pipeline Capacity Reached

AI Summary

Saudi Aramco (2222) reported a first-quarter profit of $33.6 billion, a 26% increase year-on-year, outperforming analyst expectations of $31.2 billion. The company achieved this due to its East-West Pipeline reaching a maximum capacity of 7.0 million barrels per day, providing a crucial supply route amid disruptions in the Strait of Hormuz. This performance also reflected a 34% increase from the previous quarter's profit of $25.1 billion. Additionally, Aramco announced a base dividend of $21.9 billion, marking a 3.5% increase from the prior year, underscoring its strong financial position.