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Saudi Aramco’s Q2 net income hikes 90% YoY

Saudi Aramco’s Q2 net income hikes 90% YoY

Arab finance: The Saudi oil giant Aramco reported a 90% year-on-year (YoY) growth in net income in the second quarter (Q2) of 2022, backed by higher crude oil prices and sales, according to a press release published on August 14th.

The oil company recorded a net income of $48.4 billion in Q2 2022, compared to $25.5 billion in Q2 2021.

In the first half (H1) of 2022, Aramco’s net income doubled to $87.9 billion from $47.2 billion in H1 2022.

Free cash flow rose by 53$ to $34.6 billion in the three-month period ended June 30th from $22.6 billion in Q2 2021.

Capital expenditure amounted to $9.4 billion in Q2 2022, increasing by 25% YoY.

Moreover, Aramco declared a cash dividends payment of $18.8 billion for Q2 2022, to be paid in the third quarter of this year.

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

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