Aramco posts 51% profit rise after minorities to SAR 597.2 bln in 2022; Q4 at SAR 125.3 bln

12/03/2023 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) recorded a 51% leap in profit, after minority interest, to SAR 597.2 billion in 2022, compared to SAR 395.2 billion a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,501,758.00	2,266,373.00	50.9 %
Gross Income	920,808.00	1,323,814.00	43.8 %
Operating Income	771,918.00	1,144,077.00	48.2 %
Net Income	395,203.00	597,215.00	51.1 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	1.63	2.47	51.1 %

The profit growth was spurred by higher crude oil prices and volumes sold. The company also posted stronger refining margins.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	446,269.00	487,168.00	9.2 %
Gross Income	271,963.00	289,767.00	6.5 %
Operating Income	228,110.00	241,649.00	5.9 %
Net Income	116,639.00	125,340.00	7.5 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.48	0.52	7.5 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	613,935.00	487,168.00	(20.6 %)
Gross Income	343,282.00	289,767.00	(15.6 %)
Operating Income	300,234.00	241,649.00	(19.5 %)
Net Income	156,068.00	125,340.00	(19.7 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.64	0.52	(19.7 %)

In Q4 2022, net profit, after minority interest, grew 8% to SAR 125.3 billion, from SAR 116.6 billion in the prior-year period.

The fourth-quarter net profit dropped by 19.7% from SAR 156.06 billion in Q3 2022.

Shareholders’ equity, after minority interest, rose to SAR 1.44 trillion as of Dec. 31, 2022, from SAR 1.11 trillion a year earlier.

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