Financial Results : Saudi Aramco’s Q1 2022 profit surges 81% to SAR 142 bln

Saudi Aramco’s Q1 2022 profit surges 81% to SAR 142 bln

15/05/2022 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported an 81% surge in Q1 2022 net profit to SAR 142 billion, compared to SAR 78.59 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 300,157.00 516,897.00 72.2 %
Gross Income 185,432.00 319,172.00 72.1 %
Operating Income 151,887.00 277,705.00 82.8 %
Net Income 78,590.00 142,012.00 80.7 %
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.32 0.59 80.7 %

The profit rise was driven by higher crude oil prices and sales volumes, along with better downstream margins.  

  

On a sequential basis, the first-quarter net profit rose by 21.8% from SAR 116.63 billion, thanks to improved crude oil prices and downstream margins.

 

Shareholders’ equity, after minority interest, increased by 18.5% to SAR 1.197 trillion in Q1 2022, compared to SAR 1.010 trillion a year earlier. 

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