Saudi Aramco Announces Highest Quarterly Since Listing, Hitting $39.5 Billion

Published May 15th, 2022 - 07:36 GMT
Saudi Aramco Announces Highest Quarterly Since Listing, Hitting $39.5 Billion
The oil giant managed to dethrone Apple as the world’s most valuable company when its value hit $2.42 trillion based on the price of its shares at close of market. (Shutterstock)

The world's most valuable listed company, Saudi Aramco, has posted an 82 percent surge in its first quarter's profit, making it the highest quarterly profit since it went public in 2019.

Aramco
Source: Twitter

The state-owned oil producer ’s results were boosted by the increase in crude prices after Moscow’s attack on Ukraine in late February.

According to a bourse filing, Aramco's profits hit SR148 billion ($39.5 billion) up from $21.7 billion a year earlier. 

The oil giant has maintained stable quarterly dividends at $18.8 billion, and approved the issuance of one bonus share for every ten shares held at a total value of $4 billion.

Aramco’s output averaged 10.2 million barrels a day in this year's first quarter, which is a 20% increase year-on-year.

Commenting on the results, Aramco's CEO, Amin 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,".

"During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives," he added.

It's worth noting that Aramco raised almost $30 billion with an IPO in Riyadh in late 2019, and on Wednesday May 11, the oil giant managed to dethrone Apple as the world’s most valuable company when its value hit $2.42 trillion based on the price of its shares at close of market.

The company’s rating has been revised by Fitch this year to positive from stable, with a credit profile of aa+.


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like

Subscribe

Sign up to our newsletter for exclusive updates and enhanced content