Oil Prices Surge, Saudi Aramco Records Highest-Ever Net Profit in Q1 2022
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Saudi Arabian Oil Company (Saudi Aramco), the Saudi oil and gas company, reported a net profit of US$39.5 billion in the first quarter of 2022. This is the company's highest quarterly net profit since its initial public offering (IPO) in 2019.
This net profit surged 82% year-on-year (YoY). In the first quarter of 2021, Aramco recorded a net profit of US$21.7 billion.
This increase in net profit is in line with increased revenue. The company reported revenue of US$137.84 billion in the first quarter of 2022. This represents a 72.2% YoY increase from US$80.04 billion in the first quarter of 2021.
Citing the company's release, this revenue increase was achieved due to high crude oil prices and increased sales volume. Throughout the first quarter of 2022, Aramco's average production reached 13 million barrels of oil equivalent per day.
Aramco also successfully met almost all demand. The company successfully delivered 99.9% of total demand in the first quarter of 2022.
(read: [link to article about Saudi Aramco's market capitalization])
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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