Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices

DUBAI—Saudi Aramco posted a record quarterly profit on Sunday, as the world’s most valuable company benefits from surging oil prices following Russia’s invasion of Ukraine.

Saudi Arabian Oil Co., commonly known as Aramco, said its net income surged 82% to $39.5 billion in the first three months of 2022. Last week, it overtook Apple Inc. as the world’s most valuable company, with its market value rising to $2.4 trillion.