"Aramco" Saudi Arabia posts record second-quarter earnings

Oil company Saudi Aramco announced that it made a profit of $48.4 billion in the second quarter of 2022, up 90.2% from the same period last year, thanks to high oil prices.

The giant company said in a statement released today Sunday that it achieved a 90.2% increase in its quarterly net profit, “from 95.5 billion rials ($25.5 billion) in the second quarter of 2021 to 181.16 billion rials (484 billion dollars)”. in the second quarter of 2022.

She attributed this to “a rise in crude oil prices, an increase in sales volumes and an increase in the profits of the oil refining sector.”

The company continues to post a record quarterly profit for the second straight quarter after posting a $39.5 billion profit in the first quarter.

This is the highest quarterly profit since the company went public at the end of 2019 and beat analysts’ expectations of $46.2 billion.

Aramco President and CEO Amin Nasser said: “Despite continued volatility and uncertainty in global markets, the events of the first half of this year confirm our view that continued investment in the energy sector is essential to ensure a healthy supply in the markets and facilitate the process of orderly energy conversion.

“We expect oil demand to continue to rise through the end of this decade, despite negative economic pressure on the global outlook in the short term,” he added.

Net profit in the second quarter increased by 22.7 percent compared to the first quarter of 2022.

Profit for the half year amounted to $87.91 billion compared to $47.18 billion for the same period last year.

Aramco’s share price reached 40.8 rials ($10.9) in early trading on the Saudi Stock Exchange on Sunday.

The giant company paid $18.8 billion in dividends to shareholders in the first quarter and will pay the same amount in the second quarter.

Source: AFP.

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