Saudi oil giant Aramco reported a 30% YoY jump in Q1 net income to $21.7bn, declaring a dividend of $18.8bn to be paid in Q2. The company credited higher oil prices and an improved economic environment for the strong results as it saw higher refining and chemicals margins. The company said that its gearing ratio was unchanged at 23% vs. end-2020. Cash flows from operating activities and free cash flows were $26.5bn and $18.3bn respectively, while capex stood at $8.2bn in the quarter. Aramco recently raised $12.4bn via an oil pipeline stake sale and was also considering a stake sale in its natural gas pipeline network. Besides, it is also in talks to sell a 1% stake to a foreign investor.
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