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Saudi Aramco’s Q1 net income soars 82% YoY

Saudi Aramco’s Q1 net income soars 82% YoY

Arab finance: The Saudi oil giant Aramco has reported an 82% year-on-year (YoY) growth in net income in the first quarter (Q1) of 2022, marking its highest quarterly earnings since the initial public offering (IPO) in 2019, according to a press release published on May 15th.

The oil company recorded a net income of $39.5 billion in Q1 2022, compared to $21.7 billion in Q1 2021.

The increase in net income was backed by higher crude oil prices and sales during the period.

Cash flow from operating activities grew to $38.2 billion in the three-month period ended March 31st from $26.5 billion in Q1 2021.

Capital expenditure amounted to $7.6 billion in Q1 2022 and is likely to continue rising until the middle of the decade.

Moreover, Aramco declared cash dividends payment of $18.8 billion for Q1 2022 to be paid in the second quarter this year.

The group’s extraordinary general meeting (EGM) also approved the distribution of 1-for-10 bonus shares.

Founded in 1933, Saudi Aramco is the largest company in the world in terms of market cap.

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