Hitting a total of $21.7 billion in Q1 2021, Saudi Aramco recorded a 30% net income increase year-on-year (YoY) compared to Q1 2020 when the company witnessed net income of $16.7 billion, a press release issued by Aramco indicated.

According to the statement, this increase is due to a stronger oil market and higher refining and chemicals margins, partly offset by lower production. A dividend of $18.8 billion was also reported to be paid in Q2.

Aramco President & CEO Amin H. Nasser, said “The momentum provided by the global economic recovery has strengthened energy markets, and Aramco’s operational flexibility, financial agility and the resilience of our employees have contributed to a strong first quarter performance. For our customers we remain a supplier of choice, and for our shareholders we continue to deliver an exceptional quarterly dividend.”

Nasser also added that Aramco had made further progress towards its strategic objectives during the quarter while its portfolio optimization program continues to identify value creation opportunities such as the recent announcement of their landmark $12.4 billion pipeline infrastructure deal. “We also expect Saudi Arabia’s newly-launched Shareek program to present growth opportunities, through incentives which encourage partnerships and investment.”

Aramco recorded an average total hydrocarbon production of 11.5 million barrels per day of oil equivalent (mmboe) in Q1 2021, including 8.6 million barrels per day (mmbbls/d) of crude oil.