Oil giant Saudi Aramco said its profits rose more than 80% in the first three months of this year as the state-backed company is betting on volatility in global energy markets and rising prices following Russia's invasion of Ukraine, PA MEDIA reported.

In the first quarter, the company posted a record net income of $39.5 billion compared to $21.7 billion in the same period last year.

The figure marks the oil group's highest quarterly profit since 2019, when the Saudi Arabian government, which owns 98% of the company's shares, listed a small portion of its value on Riyadh's Tadawul Stock Exchange.

In a statement on Sunday, Aramco CEO Amin Nasser appeared to suggest that the disruption caused by the situation around Ukraine highlighted the vital role of oil and gas companies like Aramco.

Amid increased volatility in global markets, we remain focused on helping meet the global demand for energy that is reliable, affordable and increasingly sustainable, he said.

The head of the company added that Aramco is in the process of increasing its maximum production capacity to meet the expected growth in demand.