DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and soaring oil prices following Russia’s invasion of Ukraine.

The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co. show a record net income of $39.5 billion, up from $21.7 billion during the same period last year.

Already, resurgent economic activity and the relaxation of global coronavirus restrictions had revived demand for hydrocarbons and delivered strong annual results for the state-backed company last year.

Oil prices rallied to a 14-year high of $139 a barrel in March immediately after Russia’s invasion of Ukraine, although later receded as Russian oil continued to flow and new lockdowns hurt oil demand in China. International benchmark Brent crude traded over $111 a barrel Sunday.

Aramco overtook Apple as the world’s most valuable company as higher oil prices pushed its shares to record levels last week, with the company's market cap at $2.43 trillion.