Saudi Aramco earnings set new record for the company
The Saudi Arabian Oil Company (Aramco) Sunday announced its first quarter 2022 financial results, posting an 82% year-on-year (YoY) increase in net income to $39.5 billion — and setting a new quarterly earnings record for the company since its Initial Public Offering in 2019.
Aramco also declared a Q1 dividend of $18.8 billion to be paid in the second quarter, and has approved the distribution of one bonus share for every 10 shares held in the company. The results were underpinned by higher crude oil prices and volumes sold, and improved downstream margins.
Commenting on the results, Aramco President and CEO Amin H. Nasser, said: “Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable.
