GlobalMiddle East & Africa

Saudi Aramco Registered 82% Growth in Net Income of Q1 FY 2022

The main factors that influenced such results were the growth in oil prices and sales volumes, as well as improved downstream margins, Saudi Aramco explained.

Sharing is caring!

Saudi Arabia’s state oil and gas company Saudi Aramco announced that its net income in the first quarter of 2022 increased to a record-breaking $39.5 billion, which is 82% more compared to the same period in 2021.

“Aramco achieved a record quarterly net income of $39.5 billion in Q1, an 82% increase from $21.7 billion in Q1 2021, primarily driven by higher crude oil prices and volumes sold, and improved downstream margins,” the company said in a statement.

The main factors that influenced such results were the growth in oil prices and sales volumes, as well as improved downstream margins, Saudi Aramco explained.

Saudi Aramco is the national oil company of Saudi Arabia founded in 1933, with the headquarters located in Dhahran. The company controls almost all of the country’s oil production facilities.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

Related Articles

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: