Saudi Aramco Achieves 82 Pct Net Income Increase In Q1
Date
5/15/2022 8:58:04 PM
(MENAFN- Trend News Agency)
Saudi Arabian Oil Company (Aramco) announced on Sunday an 82
percent year-on-year increase in net income in the first quarter
(Q1) of 2022, Trend reports citing Xinhua .
The net income increased to 39.5 billion U.S. dollars, setting a
new quarterly earnings record for the company since its initial
public offering (IPO) in 2019, the Saudi Press Agency reported.
Aramco also declared a Q1 dividend of 18.8 billion dollars to be
paid in the second quarter.
The results were underpinned by higher crude oil prices and
volumes sold, along with improved downstream margins.
'During the first quarter, our strategic downstream expansion
progressed further in both Asia and Europe, and we continue to
develop opportunities that complement our growth objectives,'
Aramco President and CEO Amin H. Nasser said.
In China, the company made a final investment decision in March
to participate in the development of a major integrated refinery
and petrochemical complex.
The joint venture, with North Huajin Chemical Industries Group
Corporation and Panjin Xincheng Industrial Group, includes
establishing a 300,000 barrels per day refinery and petrochemicals
complex, subject to completion of the joint venture
transaction.
Tags:
MENAFN15052022000187011040ID1104216632
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.