Media ININ Economy We Trust
August 15
The Saudi Arabian Oil Company “Aramco” announced today that net income increased by 90% on an annual basis, and a dividend of 70.3 billion riyals ($18.8 billion) for the second quarter of 2022, to be paid during the third quarter.
The company revealed – in a statement broadcast by the Saudi Press Agency on its financial results for the second quarter of 2022 – that it recorded a new record in quarterly profits since its initial public offering in 2019, as a result of the rise in crude oil prices, the increase in sold quantities, and the high profit margins of the refining sector.
The company indicated that it achieved a record quarterly and semi-annual net income of 181.6 billion Saudi riyals (48.4 billion US dollars) in the second quarter and 329.7 billion Saudi riyals (87.9 billion US dollars) in the first half of 2022, compared to 95.5 billion Saudi riyals. $25.5 billion and Saudi riyals 176.9 billion ($47.2 billion), respectively, for the same two periods of 2021.
This increase in these two periods was primarily attributed to higher crude oil prices and sold volumes, in addition to strong refining margins in the second quarter and higher refining, processing and marketing margins in the first half of 2022.
