Saudi Aramco posted a record profit of .4 billion in the second quarter

Saudi Aramco posted a record profit of $48.4 billion in the second quarter

Saudi Aramco, the world’s largest oil company, announced a record net profit of 48.4 billion dollars in the second quarter on Sunday, thanks to the rise in oil prices following the war in Ukraine and strong post-pandemic demand.

Net profit increased 90% compared to the same quarter of the previous year. Saudi Aramco thus achieved its second consecutive quarterly record, after announcing a profit of 39.5 billion dollars in the first quarter of 2022.

“Despite the persistence of volatility in world markets and economic uncertainty, what happened in the first half of the year confirms our view that investment in our sector is essential, both to keep markets well supplied and to facilitate a orderly energy transition,” said Saudi Aramco Chairman Amin H. Naser.

“We expect oil demand to continue to grow in the rest of the decade, despite downward pressure on short-term global projections,” added the manager.

The company’s net profit grew 22.7% compared to the previous three months, amid “robust” market conditions, Saudi Aramco noted.

Total profits in this first half of the year amounted to 87.91 billion dollars, almost double the 47.18 billion in the same period of 2021.

The company paid $18.8 billion in dividends in the second quarter, and will pay the same amount in the third.

Quarterly profit, the biggest since the partial IPO at the end of 2019, beat analysts’ forecasts of $46.2 billion.

Saudi Aramco shares were trading at 40.8 riyals ($10.86) before the Riyadh stock market opened on Sunday.

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