KSA Business: RECORD: Aramco Q2 net income up 90% to $48.4bn – Gulf Digital News

KSA Business: RECORD: Aramco Q2 net income up 90% to $48.4bn – Gulf Digital News

Saudi Arabian Oil Company (Aramco) today reported a 90% year-on-year (YoY) increase in net income in the second quarter of 2022, and declared a dividend of $18.8 billion to be paid in the third quarter.

Aramco achieved a record quarterly and half-year net income of $48.4 billion in the second quarter and $87.9 billion in the first half of 2022, compared to $25.5 billion and $47.2 billion, respectively, for the same periods in 2021. The increase in both periods was primarily driven by higher crude oil prices and volumes sold, as well as strong refining margins during the second quarter and higher downstream margins in the first half of 2022.

The results set a new quarterly earnings record for the company since its initial public offering in 2019, and were primarily driven by higher crude oil prices and volumes sold, and higher refining margins, it said.

Aramco President & CEO Amin H Nasser said: “Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in