RIYADH, Aug 14 — Oil giant Saudi Aramco today unveiled record profits of US$48.4 billion (RM215.11 billion) in the second quarter of 2022, after Russia’s war in Ukraine and a...
RIYADH, Aug 14 — Oil giant Saudi Aramco today unveiled record profits of US$48.4 billion in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring.
“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential,” said Aramco president and CEO Amin H. Nasser.Net income rose 22.7 per cent from Q1 in “strong market conditions”, Aramco said. Half-year profits were US$87.9 billion, up from US$47.2 billion for the same period of 2021.
‘Crown jewel’ Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019, generating US$29.4 billion in the world’s biggest initial public offering. Saudi GDP jumped nearly 12 per cent in Q2 on the back of high oil prices, the government announced last month. Abu Dhabi-based energy expert Ibrahim Elghitany said the oil bonanza was a “golden opportunity” for the country.
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