8/14, 8:59 AM (Source: TeleTrader)
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Saudi Aramco's Q2 net income surges 90% YoY to $48.4B

The Saudi Arabian Oil Company (Saudi Aramco) announced on Sunday its net income in the second quarter of the fiscal year 2022 saw an annual increase of 90% to reach $48.4 billion. The company's positive result was mainly due to higher crude oil prices and volumes sold.

The company's free cash flow surged by 53% to $34.6 billion in the second quarter, while capital expenditure rose by 25% to $9.4 billion compared to the same period in 2021. Cash flow from operating activities stood at $44 billion. Finally, Saudi Aramco declared a dividend of $18.8 billion to be paid in the third quarter.

"While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential — both to help ensure markets remain well supplied and to facilitate an orderly energy transition," said Aramco President & CEO Amin H. Nasser commenting on the results.

Baha Breaking News (BBN) / JG