Oil giant Aramco reports record second-quarter net profit, up 90%

The results of the Saudi company were boosted by the surge in crude oil prices linked to the war in Ukraine and by strong post-Covid demand.

Saudi oil giant Aramco reported record second-quarter net profit of $48.4 billion on Sunday, propelled by soaring crude prices following Russia’s war in Ukraine and strong post-pandemic demand. Net profit jumped 90% year-on-year and allows the world’s largest producer of black gold to record its second consecutive quarterly record after a net profit of 39.5 billion dollars from January to March.

«While global market volatility and economic uncertainty remain, events in the first half of this year confirm our view that continued investment in our industry is essential, both to help secure that markets remain well supplied and to facilitate an orderly energy transitionsaid Aramco CEO Amin Nasser. “In fact, we expect oil demand to continue to rise for the remainder of the decade, despite downward economic pressures on near-term global forecasts.“, he added.

Aramco’s April-June net profit rose 22.7% from the first quarter in “a solid marketsaid the Saudi company. Profit in the first half had reached $87.91 billion, compared to $47.18 billion for the same period of 2021. Aramco paid a dividend of $18.8 billion in the second quarter and will pay the same amount in the third trimester.

Second-quarter profit, the highest since Aramco’s IPO in late 2019, beat analysts’ forecasts of $46.2 billion. Aramco floated 1.7% of its shares on the Saudi Stock Exchange in December 2019, raising $29.4 billion, the largest IPO in history.

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