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RIYADH – Oil giant Saudi Aramco today unveiled record profits of US$48.4 billion (RM215.7 billion) in the second quarter of 2022 after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring.
Net income leapt 90% year-on-year for the world’s biggest oil producer, clocking its second quarterly record after announcing US$39.5 billion for Q1.
“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential – both to help ensure markets remain well supplied and to facilitate an orderly energy transition,” said Aramco president and CEO Amin H. Nasser.
“In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.”
Net income rose 22.7% from Q1 in “strong market conditions”, Aramco said. Half-year profits were US$87.91 billion, up from US$47.18 billion for the same period of 2021. Aramco paid an US$18.8 billion dividend in Q2 and will disburse the same amount in Q3.
The quarterly profits, the highest since Aramco’s initial public offering in late 2019, beat analyst forecasts of US$46.2 billion.
Aramco was priced at 40.8 riyals (RM48.40) ahead of the Saudi stock exchange’s opening today. – AFP, August 14, 2022