Saudi Aramco reports net income of $39.5 billion in Q1

Home Business Saudi Aramco reports net income of $39.5 billion in Q1 16-05-2022 09:17 AM Ammon News - State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier. The world's top oil exporter was forecast to post a net income of $38.5 billion, according to a median estimate from 12 analysts provided by the company, according to Reuters. The company declared a dividend of $18.8 billion to be paid in the second quarter, in line with market expectations, and approved the distribution of one bonus share for every 10 shares held in the company. Aramco said it saw improved downstream margins in the first quarter and is looking to develop opportunities in the downstream sector. "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 CEO Amin Nasser said in a statement. Shares of the company have risen 37% since the start of the year, outperforming the Saudi index which is up nearly 14%.

Home Business

Saudi Aramco reports net income of $39.5 billion in Q1

16-05-2022 09:17 AM

Ammon News - State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices.

Aramco reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier.

The world's top oil exporter was forecast to post a net income of $38.5 billion, according to a median estimate from 12 analysts provided by the company, according to Reuters.

The company declared a dividend of $18.8 billion to be paid in the second quarter, in line with market expectations, and approved the distribution of one bonus share for every 10 shares held in the company.

Aramco said it saw improved downstream margins in the first quarter and is looking to develop opportunities in the downstream sector.

"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 CEO Amin Nasser said in a statement.

Shares of the company have risen 37% since the start of the year, outperforming the Saudi index which is up nearly 14%.

no comments

Notice

All comments are reviewed and posted only if approved.
Ammon News reserves the right to delete any comment at any time, and for any reason, and will not publish any comment containing offense or deviating from the subject at hand, or to include the names of any personalities or to stir up sectarian, sectarian or racial strife, hoping to adhere to a high level of the comments as they express The extent of the progress and culture of Ammon News' visitors, noting that the comments are expressed only by the owners.

name : *
email
	show email
comment : *
Verification code :	Refresh write code :