Saudi Aramco profit leaps 69% to SAR 471.88 bln in 9M 2022; Q3 at SAR 156.07 bln

01/11/2022 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a 69% rise in net profit after Zakat and tax, after minority interest, to SAR 471.88 billion in the first nine months of 2022, compared to SAR 278.56 billion a year earlier, backed by stronger crude oil prices and volumes sold, as well as higher refining margins.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,055,489.00	1,779,205.00	68.6 %
Gross Income	648,845.00	1,034,047.00	59.4 %
Operating Income	543,808.00	902,428.00	65.9 %
Net Income	278,564.00	471,875.00	69.4 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	1.15	1.95	69.4 %

This was partially offset by an increase in production royalties, mainly from higher average effective royalty rate, driven by stronger crude oil prices, and higher sales volume.

In Q3 2022, net profit after Zakat and tax, excluding minority interest, climbed 43% to SAR 156.07 billion, from SAR 109.07 billion, thanks to higher crude oil prices and volumes sold. This was partially offset by increased production royalties largely attributable to higher average effective royalty rate resulting from stronger crude oil prices, and higher sales volume.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	405,382.00	613,935.00	51.4 %
Gross Income	248,234.00	343,282.00	38.3 %
Operating Income	212,806.00	300,234.00	41.1 %
Net Income	109,072.00	156,068.00	43.1 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.45	0.64	43.1 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	648,373.00	613,935.00	(5.3 %)
Gross Income	371,593.00	343,282.00	(7.6 %)
Operating Income	324,489.00	300,234.00	(7.5 %)
Net Income	173,795.00	156,068.00	(10.2 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.72	0.64	(10.2 %)

Compared to Q2 2022, net profit decreased 14.1% from SAR 181.64 billion.

Shareholders’ equity, after minority interest, increased by 30% to SAR 1.389 trillion as of Sept. 30, 2022, from SAR 1.068 trillion a year earlier.

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