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FinancialNews


  • 04-08-21

    Saudi Aramco reporting season to reach climax next week

    (MENAFN) The oil reporting season is going to stand at it’s a climax in the coming week with the declaration of the first six months results from the biggest company in the sector, Saudi Aramco.

    Analysts estimate a huge improvement in profits from the Saudi oil giant, with strong crude prices for most of the first half to June 30, and increasing output as OPEC+ restrictions were steadily removed in the stated time.

    Analyst Christian Malek at JP Morgan estimates around USD23.7bn of net income, an increase on the USD6.6bn Aramco declared in 2020 after the oil price dropped as the pandemic hit demand.

    Malek stated in a recent report to investors that “Against a positively trending demand/price backdrop, we expect a robust quarterly net income print from Aramco.”

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