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FinancialNews
01-11-22
Aramco surpasses forecasts with record USD42B quarterly profit
(MENAFN) The third quarter of this year saw a 39 percent increase in Saudi Aramco's earnings, above experts' average projections.
According to Bloomberg statistics, the oil giant was predicted to report net income of SR152 billion as opposed to Al Rajhi Capital's forecast of SR154 billion.
Based on the bourse report, the world's most lucrative oil corporation saw profits of SR159 billion (USD42 billion) as sales jumped 51 percent to hit SR544 billion. The crude producer said that rising crude oil prices and sales quantities were the main factors in the outcomes.
Additionally, it was somewhat offset by a higher average effective royalty rate brought on by higher sales volumes and stronger crude oil prices, which raised production royalties.
Amin Nasser, the CEO, commented on the outcomes, “Aramco’s strong earnings and record free cash flow in the third quarter reinforce our proven ability to generate significant value through our low cost, lower-carbon intensity Upstream production and strategically integrated Upstream and Downstream businesses.”
MENAFN01112022000045014146ID1105111367
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