On Monday, Saudi Aramco posted its highest profit record after the oil has surged in the wake of Russia’s invasion of Ukraine.

Last week, Apple Inc became the world’s largest valuable company, followed by Big Oil rivals such as Shell Plc and BP Plc in reporting bumper earnings for Q1. Similarly, the Saudi Arabian firm’s results were boosted by a crude jump to $110 a barrel after Moscow’s attack in Feb 2022.

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Aramco had made a net income of $39.5 billion, up 82 per cent from last year, when global energy demand was still severely suppressed by 2022.

Its free cash flow rose almost to $31 billion, though it opted to keep its dividend unchanged at $18.8 billion. That enabled Aramco to reduce its leverage.

In FY2022, Aramco has benefited not just from oil climbing about 45 per cent but also from Saudi Arabia gradually increasing production and other members of Opec+. The kingdom’s crude output averaged 10.2 million barrels a day between January and March, up 20 per cent.