Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) posted a 67.97% year-on-year (YoY) hike in net profit after Zakat and tax to SAR 488.78 billion during the first nine months (9M) of 2022, versus SAR 291 billion.

Revenues widened by 66.69% to SAR 1.57 trillion in January-September 2022, compared to SAR 943.52 billion during the same period a year earlier, according to the interim financial results.

The earnings per share (EPS) settled at SAR 2.15 in 9M-22, higher than SAR 1.27 in 9M-21.

During the third quarter (Q3) of 2022, the company logged net profits after Zakat and tax worth SAR 159.12 billion, an annual leap of 39.47% from SAR 114.09 billion.

The revenues surged by 51.41% YoY to SAR 543.71 billion in Q3-22 from SAR 359.09 billion.

On a quarterly basis, the Q3-22 net profits after Zakat and tax plunged by 12.40% from SAR 181.64 billion in Q2-22, while the revenues declined by 3.27% from SAR 562.07 billion.

Amin Nasser, President and CEO of Aramco, said: “Aramco’s strong earnings and record free cash flow in Q3 reinforce our proven ability to generate significant value through our low cost, low-carbon intensity upstream production, and strategically integrated upstream and downstream business.”

Nasser added: “Against the backdrop of global underinvestment in our sector, we are extending our long-term oil and gas production capabilities while also working towards our previously stated ambition to achieve net-zero scope 1 and scope 2 greenhouse gas emissions from our wholly-owned operated assets.”

Dividends

In a separate bourse disclosure, Aramco announced cash dividends worth SAR 70.33 billion ($18.76 billion) for Q3-22. The firm will disburse a dividend of SAR 0.31 per share for 219.92 billion eligible shares.

Meanwhile, the eligibility and distribution dates will be on 8 and 28 November, respectively.

In the first half (H1), the net profits of Saudi Aramco enlarged by 86.35% to SAR 329.67 billion, versus SAR 176.91 billion in the year-ago period.

The Saudi oil giant recently announced a potential partnership with IBM to set up an Innovation Hub in Riyadh.