Thanks to the high oil prices brought on by the conflict in Ukraine, Saudi Aramco reported a 39 percent increase in its profits in the third quarter of 2022 compared to the same period in 2017.
The giant oil company said in a statement today, Tuesday, that “net income amounted to 159. 12 billion riyals (42. 43 billion dollars) for the third quarter of 2022, compared to 114. 09 billion Saudi riyals (30. 43 billion dollars) for the same quarter of the year 2021 “.
In her words, “the increase in net income is mostly driven by the high prices of crude oil and the amounts sold.
The head of the Saudi “Aramco” and its chief executive, Amin Al -Nasser, praised “strong profits and standard free cash flows”, which rose from 28. 7 billion dollars in the third quarter of last year to 45 billion dollars in the third quarter of the current year.
Our long-term outlook is that the demand for crude oil will continue to grow for the rest of the current decade due to the world’s need for more dependable energy at reasonable prices, despite the fact that global crude oil prices were impacted during this period due to the ongoing state of economic uncertainty.
After the American company Apple, which generates the majority of the Kingdom’s revenue, Aramco ranks as the second-largest foreign company in terms of value with nearly a trillion dollars.
Author: AFP.
Saudi Aramco reports significant earnings.
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