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Saudi Aramco’s profit surges 86.4% in H1-22; dividends announced

Saudi Aramco’s profit surges 86.4% in H1-22; dividends announced
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Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) reported a net profit of SAR 329.67 billion during the first half (H1) of 2022, an 86.35% jump from SAR 176.91 billion in H1-21.

Earnings per share (EPS) for H1 of the year stood at SAR 1.44, compared to SAR 0.77 in H1 of 2021, according to a stock exchange statement on Sunday.

Revenues for the January-June period in 2022 surged by 76.08% annually, reaching SAR 1.02 trillion from SAR 584.43 billion.

During the second quarter (Q2) of 2022, the Saudi oil giant posted higher net profits by 90.26% to SAR 181.64 billion, compared with SAR 95.47 billion in Q2-21. This rise was helped by higher crude oil prices and volumes sold and higher refining margins.

Revenue during Q2-22 amounted to SAR 562.07 billion, a surge of 79.95% when compared to SAR 312.35 billion in Q2-21.

In a separate statement, Saudi Aramco announced a cash dividend distribution of SAR 70.33 billion ($18.76 billion) to shareholders for Q2-22.

The Tadawul-listed firm will pay SAR 0.31 per share for 219.91 billion eligible shares.

The eligibility and distribution dates will be 21 August and 7 September, respectively.

During Q1-22, Saudi Aramco registered net profits worth SAR 148.03 billion, an annual growth of 81.76% from SAR 81.44 billion.