Riyadh, May 4 (IANS): Saudi Arabia's oil giant Aramco said on Tuesday that its net profit increased by 30 per cent in the first quarter of 2021, due to higher oil prices and an improved economic environment amid the pandemic.

Its net income this quarter reached $21.7 billion compared to $16.7 billion in the same period last year, reports dpa news agency.

The company said it will distribute cash dividends totalling $18.8 billion, due in the second quarter.

"Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming. And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover," Aramco President and CEO Amin Nasser, said in a statement.

The results reflect a dramatic shift from last year due to the coronavirus pandemic and lower oil prices.

In 2020, Aramco said its net profit fell by nearly half of what it was in 2019.