International Business: Aramco posts record profit of $48.39 billion – Gulf Digital News

International Business: Aramco posts record profit of $48.39 billion – Gulf Digital News

RIYADH: Saudi Arabian state oil producer Aramco has broken its own record with a $48.39 billion profit for the second quarter of 2022, beating analyst expectations, boosted by higher oil prices, volumes sold and refining margins.

It is a 90 per cent year-on-year increase and marks the biggest earnings for the world’s largest energy exporter since its public listing three years ago.

Aramco’s net profit rose to 181.64bn riyals ($48.39bn) for the quarter to June 30 from 95.47bn riyals a year earlier.

Analysts had expected a net profit of $46.2bn, according to the mean estimate from 15 analysts.

Aramco shares have risen more than 25pc this year as oil and natural gas prices have scaled multi-year highs after Western sanctions against major exporter Russia squeezed an already under-supplied global market.

Aramco joins other oil majors who have reported strong results in recent weeks.

On July 29, Exxon Mobil Corporation posted its biggest quarterly profit ever, a net income of $17.9bn, an almost four-fold increase over the year earlier period.

Margins for making fuels like petrol and diesel surged worldwide, boosting the profits of oil giants, including European majors Shell and TotalEnergies, both of which reported results on July 27.

Russia’s invasion of Ukraine has seen oil and gas