Saudi Aramco’s profits surge by 82% for first three months of year, as energy giant capitalises on soaring crude oil prices
Saudi Aramco’s profits surged by 82 per cent for the first three months of the year, as the energy giant capitalised on soaring crude oil prices.
The state-backed firm’s quarterly income of £32.2billion was a record since shares floated in 2019, with profits significantly higher than the £17.7billion for the same period last year.
The company declared a £15.3billion dividend, to be paid next quarter.
Increase: Saudi Aramco is the latest energy firm, after Shell and BP, to report surging profits in 2022
Saudi Aramco is the latest energy firm, after Shell and BP, to report surging profits in 2022.
Shell posted its highest ever quarterly profit, while BP’s profits more than doubled for the first three months of this year.
Saudi Aramco’s president and chief executive, Amin Nasser, said the firm was ‘expanding our capacity to meet anticipated demand growth’.
He said: ‘Energy security is vital and we are investing for the long term.’
Last week, Nasser’s firm dethroned Apple as the world’s most valuable company with a valuation of £1.98trillion.
Saudi Aramco’s results also revealed that total production rose to 13m barrels of oil equivalent per day in the first quarter.