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Aramco Reports Record Profit
Oil giant Aramco reports record profit. Aramco reported more than 80 percent increase in net profit, exceeding market expectations.
Yazar: Eylem Özer
Yayınlanma: 16 Mayıs 2022 01:20
Güncellenme: 5 Mayıs 2024 02:01
Aramco Reports Record Profit
Saudi oil company Aramco's net income rose to $39.5 billion in the first quarter of 2022, an increase of 82 percent compared to the same period last year. Reports record profit.
Oil giant Aramco reports record profit. Aramco reported more than 80 percent increase in net profit, exceeding market expectations. The company's net income increased by 82 percent from $21.7 billion to $39.5 billion in the first three months of the year, compared to the same period last year. Aramco's record quarter came in the midst of a stellar quarter for Big Oil, which benefited from a sharp rise in oil and gas prices. According to Aramco its gains were driven by higher crude oil prices, increased sales volumes and improved downward margins. Making a statement on the subject, Aramco President and CEO Amin Nasser said:“During the first quarter, our strategic downward expansion further advanced in both Asia and Europe, and we continue to develop opportunities that complement our growth targets. Against the backdrop of increasing volatility in global markets, we remain focused on helping meet the world's demand for reliable, affordable and increasingly sustainable energy.”
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