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Aramco records the highest profits since listing on the Saudi stock market

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Aramco records the highest profits since listing on the Saudi stock market

Revenues exceeded one trillion riyals during the first half


Monday – 17 Muharram 1444 AH – 15 August 2022 AD Issue No. [
15966]

Saudi Aramco announces a jump in its business results for the first half of this year (AP)

Dhahran (eastern Saudi Arabia): “Asharq Al-Awsat”

In data consistent with expectations, the Saudi Arabian Oil Company “Aramco”, listed on the main Saudi stock market, announced a jump in profits for the second quarter of this year by 90.3% compared to the same period last year, while the quarterly profit rose by 22.7% from Results for the first quarter of 2022.
Saudi Aramco, the largest oil company in the world, stated that the net profit amounted to 181.6 billion riyals ($48.3 billion), compared to 95.47 billion riyals ($25.4 billion) achieved in the comparative quarter of last year, attributing the strong results to the rise in oil prices. Crude globally, as well as the increase in the quantities sold, accompanied by the increase in the profit margins of the refining business.
Meanwhile, the company attributed the reason for the increase in profits during the current quarter compared to the previous quarter, according to a statement issued on the Tadawul website, to the same reasons for the annual comparison, with the addition of factors to improve the profit margins of refining, processing and marketing.
According to the results, Saudi Aramco’s sales grew 80% during the second quarter of 2022 to 562.07 billion riyals ($149.8 billion), compared to 312.35 billion riyals in the same quarter last year.
At the level of the company’s profits during the first half of this year, it recorded a net profit of 329.67 billion riyals after zakat and tax (87.9 billion dollars), compared to 176.91 billion riyals in the first half of 2021, an increase of 86.35%.
Aramco had recorded a jump in its sales by 76%, to reach about 1.03 trillion riyals, compared to 584.4 billion riyals in the first half of 2021.
The company’s president and chief executive officer, Eng. Amin Al-Nasser, said that initial estimates indicate that capital spending will reach between 150 and 188 billion riyals this year, pointing out in satellite statements that the company has paid nearly 67 billion riyals of the dues for the acquisition of the Public Investment Fund’s share on « Sabic” ahead of time. Nasser stressed the carbon emissions file, stating that the company aims to reduce them to at least 15% by 2035 compared to 2018. Referring to the details of the results, the net profit for the first quarter of this year amounting to 148 billion riyals has jumped from the same quarter of 2021 by about 81% (81.4 billion riyals).
Saudi Aramco stated that due to the nature of the company’s activities in the field of research, exploration, drilling and extraction of hydrocarbons (exploration and production), the consolidated income statement does not include the gross profit item, noting that other income related to sales amounted to 86.31 billion riyals for the second quarter, compared to 37.6 billion riyals. for the same quarter of 2021.
As a result, the total revenue and other income related to sales amounted to 648.3 billion riyals for the second quarter, compared to 349.9 billion riyals for the second quarter of 2021, and 517 billion riyals for the first quarter of 2022.
On the other hand, the main Saudi stock market index closed the trading session yesterday (Sunday), down by 0.1%, to close at 12514 points, down 16 points, with transactions amounting to a total value of about 6.9 billion riyals. The share of «Saudi Aramco» decreased by touching 1%, to close at 40.45 riyals (10.7 dollars).


Saudi Arabia

Economy

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