Saudi Aramco achieves 82 pct net income increase in Q1

Oil&Gas Materials 15 May 2022 21:45 (UTC +04:00)
Saudi Aramco achieves 82 pct net income increase in Q1

Saudi Arabian Oil Company (Aramco) announced on Sunday an 82 percent year-on-year increase in net income in the first quarter (Q1) of 2022, Trend reports citing Xinhua.

The net income increased to 39.5 billion U.S. dollars, setting a new quarterly earnings record for the company since its initial public offering (IPO) in 2019, the Saudi Press Agency reported.

Aramco also declared a Q1 dividend of 18.8 billion dollars to be paid in the second quarter.

The results were underpinned by higher crude oil prices and volumes sold, along with improved downstream margins.

"During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives," Aramco President and CEO Amin H. Nasser said.

In China, the company made a final investment decision in March to participate in the development of a major integrated refinery and petrochemical complex.

The joint venture, with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group, includes establishing a 300,000 barrels per day refinery and petrochemicals complex, subject to completion of the joint venture transaction.