Journalism of Courage

Saudi Aramco’s quarterly profit up 81% to $40bn

The national oil company of Saudi Arabia said net income for the first quarter of this year increased 22 per cent from the fourth quarter of 2021.

 

The world’s largest oil producing company, said first-quarter net profit surged about 82 per cent on higher oil prices as well as volumes sold and improved downstream margins.

Aramco in a regulatory filing on Sunday to the Tadawul stock exchange monitored by Persecondnews.com, said net profit after zakat for the three-month period to the end of March increased to about $39.47 billion from $21.72bn from the year-earlier period.

The national oil company of Saudi Arabia said net income for the first quarter of this year increased 22 per cent from the fourth quarter of 2021.

Aramco plans to pay a first quarter dividend of $18.8bn in the second quarter and has approved the distribution of one bonus share for every 10 shares held in the company.

Aramco in a press statement sent to Per Second News said its first quarter 2022 financial results, post an 82% year-on-year (YoY) increase in net income to $39.5 billion — and setting a new quarterly earnings record for the Company since its Initial Public Offering in 2019. Aramco also declared a Q1 dividend of $18.8 billion to be paid in the second quarter.  The results were underpinned by higher crude oil prices and volumes sold, and improved downstream margins.

“Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable, said Aramco President & CEO Amin H. Nasser.

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value by capitalizing on our low lifting cost, low upstream carbon intensity, and integrated downstream business.

“During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives.

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