Saudi Aramco announces $39.5 billion net profit for Q1 2022

Published: Updated:

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

For the latest headlines, follow our Google News channel online or via the app.

Aramco, which is at par with Apple Inc as the world’s most valuable companies, 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.

“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,” said CEO Amin Nasser.

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth,” he added.

Nasser also said he was optimistic about both supporting customers and the transition to alternative energy sources in the future.

Read more:

Saudi Aramco becomes world’s most valuable company, dethrones Apple

Saudi Aramco signs MoU with Thailand’s PTT

Saudi Aramco announces full year net profit of $109.9 billion