Saudi oil giant Aramco reports 90% rise in 2Q22 profits

ANKARA

Net profit at state-backed Saudi oil company Aramco rose more than 90% in the second quarter of 2022, driven by higher prices and volumes sold of hydrocarbons and refined and chemical products, according to the company’s financial results on Sunday.

The oil giant said it earned 181.6 billion Saudi riyals ($48.4 billion) in the April-June period this year, up from 95.5 billion riyals ($25.5 billion) in the during the same period of 2021.

The world’s largest oil company attributed the record rise in revenue to higher crude oil prices, volumes sold and higher refining margins.

“Our record second quarter results reflect growing demand for our products, particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry,” said Aramco CEO Amin. Nasser, quoted in the press release.

In the first half of the year, the company posted a gain of $87.9 billion in profit, compared to $47.2 billion last year.

Revenue also increases by 20.6% in the first 3 months of 2022

The company’s revenue for the second quarter of 2022 was $149.9 billion, up 79.9% from approximately $83.3 billion in the same quarter last year .

For the first half of the year, Aramco posted $274.4 billion compared to $155.8 billion in the same quarter last year.

Nasser said the company expects oil demand to continue growing for the rest of the decade, despite downward economic pressures on near-term global forecasts.

Shares of the world’s fifth-largest public company on the Forbes Global 2000 list in 2020 began trading on the country’s stock exchange, or Tadawul, on December 11, 2019. On the first day of trading, the stock rose to 35.2. riyals, giving it a market capitalization of approximately $1.880 billion, which increased further on the second trading day to $2 trillion.

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