KSA Business: Aramco net profits jump 82% to $39.5bn in Q1 – Gulf Digital News

KSA Business: Aramco net profits jump 82% to $39.5bn in Q1 – Gulf Digital News

The Saudi Arabian Oil Company (Aramco) posted an 82% year-on-year (YoY) increase in net income to $39.5 billion in the first quarter of 2022, setting a new quarterly earnings record for the company since its initial public offering in 2019.

Aramco also declared a Q1 dividend of $18.8 billion to be paid in the second quarter, and has approved the distribution of one bonus share for every 10 shares held in the company.

The results were underpinned by higher crude oil prices and volumes sold, and improved downstream margins, the company said.

Commenting on the results, Aramco President & CEO Amin H Nasser, said: “Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable.

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value by capitalizing on our low lifting cost, low upstream carbon intensity, and integrated downstream business.

Downstream expansion

“During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives.

“As we collaborate with