The net income of Saudi Arabia’s state-backed oil company Aramco increased more than 90% during the second quarter of 2022, driven by higher prices and volumes sold of hydrocarbons and refined and chemicals products, according to the company's financial results on Sunday.
The oil giant said it gained 181.6 billion Saudi riyals ($48.4 billion) in the April-June period of this year, compared to 95.5 billion riyals ($25.5 billion) in the same period of 2021.
The world's largest oil company attributed the record income rise to higher crude oil prices, volumes sold, and higher refining margins.
"Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry," Aramco’s CEO Amin Nasser was quoted as saying in the statement.
In the first half of the year, the company recorded an $87.9 billion gain in profit compared to 47.2 billion last year.
Revenue also rises 20.6% in first 3 months of 2022
The company's revenue for the second quarter of 2022 totaled $149.9 billion, 79.9% up from about $83.3 billion in the same quarter of last year.
For the first half of the year, Aramco posted $274.4 billion versus $155.8 billion in the same quarter of last year.
Nasser said the company expects oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.
The shares of the world's fifth-largest public company in the Forbes Global 2000 list in 2020, began trading on the country's stock exchange, or Tadawul, on Dec. 11, 2019. On the first day of trading, the stock rose to 35.2 Saudi riyals, giving it a market capitalization of around $1.88 trillion, which increased further on the second trading day to $2 trillion.