Aramco's Profit Increased by 90 Percent

Saudi Arabia's national oil and gas company Saudi Aramco's profits increased by 90 percent in the second quarter of the year due to the rise in oil prices and production increase.

Saudi Arabian Oil Company Aramco's quarterly profit reached 90 percent increase levels with the effect of high oil prices. The company's net profit rose to 48.4 billion dollars in the second quarter. The company announced that they recorded a net profit of 25.5 billion dollars in the same period last year. Amin Nasser, CEO of Saudi Arabian Oil Company Aramco, stated that he expects the increase in oil demand to continue despite the economic pressures in the short term and said, "While volatility and economic uncertainty in global markets continue, what happened in the first half of the year confirms our view that continued investments in the sector are necessary." The world's biggest oil producers, including ExxonMobil and BP, announced record profits in the period, driven by the rise in commodity prices caused by the war in Ukraine. Saudi Aramco shares have risen more than 25 percent this year.

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You may also be interested in this: Record Increase in Revenue Level from Aramco Aramco, Saudi Arabia's national oil and gas company, increased its net income by 82 percent to $ 39.5 billion in the first quarter of the year, up from $ 21.7 billion in the same period last year. Aramco, which recently took the title of 'Most Valuable Company' from Apple, reported a more than 80 percent increase in net profit on Sunday, beating analyst expectations and setting a new quarterly earnings record since its IPO. https://ieconomy.io/aramcodan-gelir-seviyesinde-rekor-artis/