Saudi Aramco announced a net profit of $42.4 billion in the third quarter of the year

The net profit of Saudi Aramco, the national oil company of Saudi Arabia, in the third quarter of the year increased by 39% compared to the same period of the previous year due to high oil prices, reaching $42.4 billion.

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% annually to $42.4 billion in the July-September 2022 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.”

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

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.

Source: Trthaber / Translated by Irem Yildiz

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