RIYADH: Saudi Aramco’s profit surged 90 percent in the second quarter of 2022, beating the median of analysts’ forecasts with the highest quarterly profit since going public in 2019.
The oil giant was expected to report $46.2 billion in net income based on 15 analyst forecasts.
Profits of “the most profitable oil company in the world” hit SR182 billion ($48.4 billion) after revenue soared 80 percent to SR562 billion, according to a bourse filing.
This is up from SR148 billion in the prior quarter and SR95.5 billion in the second quarter of 2021.
The crude producer said the results were primarily driven by rising crude prices which soared to record highs earlier this year in addition to improved downstream margins.
Aramco also maintained stable quarterly dividends at SR70.3 billion, representing a per-share payout of SR0.3198.
Recent highlights:
Aramco and Cognite, a global leader in industrial software, announced the launch of CNTXT, a joint venture based in the Kingdom, which will be headquartered in Riyadh. CNTXT will support industrial digitalization in Saudi Arabia and the wider Middle East and North Africa region.
Aramco was reported to weigh an initial public offering of its unit Aramco Trading Co. that could potentially raise over $30 billion, slated to become one of the world’s biggest listings this year.
Aramco joined hands with Thailand’s national oil company PTT, as it expands its footprints in Asia. Both companies will work together in areas of blue and green hydrogen and various clean energy initiatives.
Aramco acquired US-based Valvoline Inc.’s global products unit in a $2.65 billion deal.