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From Youssef Saba

DUBAI, May 10 (Reuters) - Saudi Aramco, the world's largest oil company, said on Sunday it had posted a 25 percent rise in first-quarter net profit, mainly due to higher sales, while its East-West pipeline, which bypasses the Strait of Hormuz, reached full capacity.

Saudi Aramco, the world's largest oil exporter, announced net profits of $32.5 billion for the three months ending March 31, exceeding the London Stock Exchange Group's estimate of $30.95 billion. Total revenue rose 11.4 percent compared to the previous quarter to $115.49 billion.

After Aramco CEO Amin Nasser warned of catastrophic consequences if the strait remained closed when announcing the company's previous financial results, he said this time that the results reflect "strong operational resilience and great adaptability in a complex geopolitical environment."

Iran kept the Strait of Hormuz effectively closed after the war began, prompting Aramco to increase the flow of crude oil from a key production hub on its east coast to the port of Yanbu on the Red Sea.

“The East-West pipeline, which is now operating at its maximum capacity of seven million barrels of oil per day, has proven to be a vital artery to ensure the continued supply of oil and other products to markets, helping to mitigate the effects of the global energy shock and contributing to providing support to customers affected by shipping restrictions in the Strait of Hormuz,” Nasser said in a statement announcing the company’s results.

He added, "Recent events have clearly demonstrated the vital contribution of oil and gas to global energy security and the economy, and this serves as a stark reminder of the importance of having a reliable energy supply."

Adjusted net income for the first quarter was $33.6 billion, exceeding the average estimate of 13 analysts from the firm, which was $31.16 billion.

This figure excludes non-operating accounting items of $1.06 billion, mainly related to changes in inventory replacement costs and some financing expenses.

Capital expenditures fell slightly to $12.1 billion during the quarter, compared to $12.5 billion in the same period last year, and a sharp decrease from $13.4 billion in the fourth quarter. Aramco projected capital spending of between $50 billion and $55 billion this year.