Head commented “Aramco“Our financial and operational results in the first quarter of 2021 showed very strong and distinct levels, and they were a reflection of the improvement in the operational environment, represented by the positive trends witnessed in many regions of the world, towards a gradual return.” For the economic recovery and the balance of the oil markets that were affected by the pandemic. “
He added, “The results also reflected the tireless commitment of the company’s employees to achieve excellent levels of efficiency, innovation and reliability. Saudi Aramco has already proved to be the preferred supplier for its customers. We have continued to provide dividends to our shareholders.”
Al-Nasser pointed out that Aramco made during the first quarter, “more progress in its efforts to achieve its strategic goals,” explaining that the business portfolio improvement program implemented by the company “continues to identify opportunities for creating value, and this was evident in a pioneering investment deal in infrastructure at a value of 46.5%.” One billion Saudi riyals ($ 12.4 billion). “
This deal is the oil pipeline that was announced early in the second quarter.
On the other hand, the “Shrek” program in the Kingdom holds promising prospects to unleash new opportunities in the local market, which will contribute to enhancing the reliability and sustainability of the company, and at the same time, it will have a positive impact on developing the capabilities of the private sector and the investment and economic environment in the Kingdom, according to Al-Nasser..
He continued: “Given the positive indicators of demand levels for energy For 2021, I am optimistic about what the future holds, and although there are still some challenges, as the global economy begins to recover, Saudi Aramco will be ready to meet the world’s growing energy needs.“.
Saudi Aramco’s net income reached 81.4 billion Saudi riyals ($ 21.7 billion) in the first quarter, an increase of 30 percent compared to 62.5 billion Saudi riyals ($ 16.7 billion) in the first quarter of 2020.
The company achieved cash inflows of 99.3 billion Saudi riyals ($ 26.5 billion) from operating activities, and free cash flows of 68.5 billion Saudi riyals ($ 18.3 billion) during the first quarter of this year.
While the volume of capital expenditures during the first quarter amounted to 30.8 billion Saudi riyals (8.2 billion US dollars), while the company’s debt ratio remained the same at 23 percent on March 31, 2021 compared to December 31, 2020..
The company announced dividends of 70.3 billion Saudi riyals ($ 18.8 billion) during the first quarter of 2021, which will be paid during the second quarter..