Aramco, the oil giant reported a greater than 80% increase in net profits Sunday. This exceeded analyst expectations and set a new quarterly earnings record.

Saudi Arabia’s behemoth, Saudi Arabian Behemoth, reported that net income increased 82% to $39.5billion in the first three months. This is an increase of $21.7 billion from the previous year. Reuters polled analysts to forecast net income at $38.5 billion. 

Aramco’s record quarter coincides with a strong quarter for Big Oil. Big Oil is enjoying a steep rise in crude oil prices. Aramco stated that its earnings are a result of higher crude oil prices and rising volumes, as well as improved downstream margins.

Amin Naser, President and CEO at Aramco said that the company’s strategic downstream expansion was progressing in Asia as well as Europe in the first quarter. He also stated that the company continues to look for opportunities that will help them achieve their growth goals. 

“In spite of increasing volatility on global markets, our focus remains focused on meeting world demand for affordable, reliable and sustainable energy.

Aramco, which had a market value of approximately $2.43 trillion as of Wednesday’s closing on Wednesday, was surpassed by its peers Apple as the world’s most valuable firm.

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