On Sunday, oil giant Aramco announced a more than 80% jump in net profit, exceeding analyst expectations and setting a new quarterly earnings record since its IPO.

Saudi Aramco has reported its greatest earnings since its initial public offering in 2019, as global oil and gas prices continue to rise.Profits at the state-owned energy company increased by 82 percent in the first quarter, with net income exceeding $39.5 billion (£32.2 billion).

In a news statement, the company stated that higher pricing and more output had helped it.

Oil and gas prices have skyrocketed as a result of Russia’s invasion of Ukraine.Russia is one of the world’s largest exporters, but Western nations have committed to reduce their energy reliance on the country.Before the Ukraine war, oil prices were already climbing as countries began to recover from the Covid epidemic and demand outstripped supply.

Other energy firms including Shell, BP and TotalEnergies have also reported soaring profits as a result, although many are incurring costs exiting operations in Russia.

Amin Nasser, president and CEO of Aramco, stated on Sunday that the business is “focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable”

“Energy security is vital and we are investing for the long-term,” he continued.The oil and gas firm committed in March to increase investment and output considerably over the following five to eight years.That month, Prime Minister Boris Johnson visited the world’s largest oil exporter in an attempt to encourage it to release more oil into global markets in the short term.

Saudi Arabia is the top producer in the oil cartel Opec (Organization of Petroleum Exporting Countries), and increasing output may assist to lower energy costs.

However, the government has been criticised for a number of human rights violations, including its role in the conflict in neighbouring Yemen, the murder of writer Jamal Khashoggi in 2018, the imprisonment of dissidents, and the frequent use of death punishment.

Aramco has security concerns as a result of the crisis in Yemen, with Huthi rebels attacking several of its facilities and briefly shutting down much of the kingdom’s petroleum output. Its newest set of results comes just days after Aramco recaptured the world’s most valuable corporation title from Apple for the first time in nearly two years.

Aramco also stated on Sunday that it will issue 20 billion bonus shares to shareholders, one share for every ten existing shares.

As a result, Aramco is paying investors. The corporation stated that it will give bonus shares to shareholders in the proportion of one share for every ten shares owned, using $4 billion in retained earnings. It also maintained its massive dividend at $18.8 billion, which was funded by a 68 percent year-on-year growth in free cash flow to $30.6 billion.