The Saudi state oil company Saudi Aramco posted 30 percent more net profit in the first quarter of this year than a year ago and amounted to 21.7 billion dollars (18 billion euros).
The company owes this to rising oil prices and an improved economic environment as the corona crisis begins to ease.
Oil prices fell sharply last year when the corona crisis just started, but are now almost at record levels again.
The price of a liter of petrol is now only half a cent from the record level of 2012.
The oil companies benefit from this.
The oil giant Saudi Aramco posted a net profit of $ 21.7 billion (18 billion euros) in the first three months of 2021, 30 percent more than its 16.7 billion a year ago.
"The global economic recovery has strengthened energy markets and led to a strong quarter for Aramco," the company said in its earnings report.
The company received $ 18.3 billion more than it spent and produced 11.5 million barrels of oil per day.
The group also says that 85 percent of its employees have now been vaccinated against COVID-19.
Saudi Aramco went public in December last year for $ 1.88 trillion, the largest IPO ever. Meanwhile, the stock rose 6 percent and the state-owned company is worth $ 1.89 trillion.