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Record profits for Aramco in the second quarter


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 percent compared to the same period last year, while the quarterly profit rose by 22.7 percent over the results of the first quarter of 2022.

Saudi Aramco, the largest oil company in the world, stated that 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.

According to the results, Saudi Aramco’s sales grew 80 percent 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 percent.