Saudi Aramco’s profit soars 86% to SAR 315.8 bln in H1 2022; Q2 at SAR 173.8 bln

14/08/2022 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported an 86% surge in H1 2022 net profit after minority interest to SAR 315.8 billion, compared to SAR 169.5 billion a year earlier, backed by higher crude oil prices and volumes sold, as well as better downstream margins.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	650,107.00	1,165,270.00	79.2 %
Gross Income	400,611.00	690,765.00	72.4 %
Operating Income	331,002.00	602,194.00	81.9 %
Net Income	169,492.00	315,807.00	86.3 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.70	1.30	86.3 %

In Q2 2022, net profit after Zakat and tax soared 91% to SAR 173.8 billion, from SAR 90.9 billion on higher crude oil prices and volumes sold, as well as improved refining margins.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	349,950.00	648,373.00	85.3 %
Gross Income	215,179.00	371,593.00	72.7 %
Operating Income	179,115.00	324,489.00	81.2 %
Net Income	90,902.00	173,795.00	91.2 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.38	0.72	91.2 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	516,897.00	648,373.00	25.4 %
Gross Income	319,172.00	371,593.00	16.4 %
Operating Income	277,705.00	324,489.00	16.8 %
Net Income	142,012.00	173,795.00	22.4 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.59	0.72	22.4 %

On a sequential basis, the second-quarter net profit rose by 22.4% from SAR 142.01 billion.

Shareholders’ equity, after minority interest, increased by 26.48% to SAR 1.302 trillion as of June 30, 2022, from SAR 1.029 trillion a year earlier.

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