Wednesday, March 22, 2023

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Saudi Aramco Has Announced It’s Own Second-Largest Net Profit

Saudi Aramco announced its financial results for the third quarter of 2022. Aramco, one of the most valuable companies in the world, increased its net profit by 39 percent annually to $42.4 billion in the 2022 July-September period.

The company announced a net profit of $48 billion in the April-June period. Thus, it was noteworthy that the third quarter profit was the second largest net profit since the company’s public offering due to the high oil prices.

The Company Reported A Net Profit Of $30.4 Billion In The Same Period Last Year.

The company said in its statement that $42.4 billion in net profit for the quarter was “primarily driven by higher crude oil prices and increased volumes.”

In his assessment on the subject, Saudi Aramco Chief Executive Officer (CEO), Amin Nasser, emphasized that global crude oil prices are affected by the uncertainty regarding the ongoing economic outlook, and said, “Our long-term view is that oil demand will increase over the next 10 years, given the world’s need for more affordable and reliable energy. that it will continue to increase,” he said.

Saudi Aramco will pay out $18.8 billion in dividends to its shareholders in the third quarter. This draws attention as the world’s highest payment in this field. Saudi Arabia is known as one of the cheapest oil producing countries in the world, with its vast oil resources located near the surface in its deserts. According to the Institute of International Finance (IIF), for every $10 increase in the price of a barrel of oil, Saudi Arabia earns an additional $40 billion a year.

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