ARAMCO REPORTED OVER 80% GROWTH IN PROFITS IN THE FIRST QUARTER

Mon 16 May 2022:

According to the company’s financial data released on Sunday, the net income of Saudi Arabia’s state-owned oil company climbed by more than 82 percent during the first quarter of 2022, setting a new quarterly earnings record since its initial public offering in 2019.

Aramco said in a statement that it earned $39.5 billion in the January-March quarter this year, compared to $21.7 billion in the same period in 2021.

The strong results were ascribed to better crude oil prices and volumes sold, as well as improved downstream profits, by the world’s largest oil corporation.

In March, the price of international standard Brent crude rose to $139 per barrel, its highest level since 2008.

“Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable, and increasingly sustainable,” Aramco’s CEO Amin Nasser was quoted as saying in the statement.

The oil giant on Thursday surpassed US technology firm Apple to become the world’s most valuable company.

The stock price of Saudi Aramco closed at 44.70 Saudi riyals ($11.92) per share on the country’s stock exchange Tadawul for a market capitalization of 8.94 trillion Saudi riyals ($2.38 trillion).

Apple’s stock price was at $146.07 per share on the US’ tech-heavy Nasdaq index at 11.10 a.m. EDT for a market value of $2.36 trillion.

SAUDI ARAMCO IS THE WORLD’S MOST VALUABLE COMPANY, SURPASSING APPLE

This is the first time Saudi Aramco’s market value has overtaken Apple since 2020.

In 2020, the kingdom reported a $79.5 billion deficit, with revenues totaling $205.5 billion and expenditures totaling $285 billion.

The company’s shares began trading on the country’s stock exchange or Tadawul on Dec. 11, 2019. On the first day of trading, the stock rose to 35.2 Saudi riyals, giving it a market capitalization of around $1.88 trillion, and increased further on the second trading day to $2 trillion.

In 2020, Saudi Aramco was named the world’s fifth-largest public firm by Forbes Global 2000. Due to global lockdowns following the COVID-19 pandemic, which cut crude consumption, the business reported in March 2021 that earnings in 2020 were more than 44 percent lower than in 2019.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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