Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019.
Maxim Shemetov | Reuters

Oil giant Aramco reported a more-than 80% jump in net profit Sunday, topping analyst expectations and setting a new quarterly earnings record since its IPO.

The Saudi Arabian behemoth said net income rose 82% to $39.5 billion in the first three months of the year, up from $21.7 billion over the same period last year. Analysts polled by Reuters had forecast net income of $38.5 billion dollars. 

The record quarter for Aramco comes amid a standout quarter for Big Oil, which is benefiting from a sharp rise in oil and gas prices. Aramco said its earnings were driven by higher crude oil prices, rising volumes sold and improved downstream margins.

“During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives,” Aramco President and CEO Amin Nasser said in the earnings release Sunday. 

“Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable.”

With a market cap of around $2.43 trillion on Wednesday, Aramco last week surpassed Apple as the world’s most valuable firm.

This is a breaking news story and will be updated shortly.