RIYADH: Shares of the world’s largest oil producer Saudi Aramco saw their second straight day of gains on Monday, thanks to record quarterly earnings.
Aramco’s profit was up 82 percent in the first quarter of 2022 to SR148 billion ($40 billion), beating analysts' forecasts with the highest quarterly profit since it joined the Saudi Exchange.
In response to the results, shares soared 4.2 percent last session and extended gains by 0.4 to end the trading day at SR42.5 on Monday.
Aramco has recently been in a race with Apple Inc. for the world’s top-valued firm spot.
With the tech major being pressured by rising inflation, strong oil prices drove state-owned Aramco to claim the top position globally in terms of market cap last week.
