Middle east

Saudi Aramco’s Net Income Increases by 39% in Q3

Saudi Aramco engineers and journalists look at the Hawiyah Natural Gas Liquids Recovery Plant, which is designed to process 4.0 billion standard cubic feet per day of sweet gas, a natural gas that does not contain significant amounts of hydrogen sulfide, in Hawiyah, in the Eastern Province of Saudi Arabia, June 28, 2021.MOSCOW(Sputnik) – The net income of Saudi Aramco has reached $130.3 billion in the third quarter of 2022, which is 1.7 times higher year-on-year, according to the company’s third quarter 2022 report released on Tuesday.”Net income for the first nine months of 2022 was SAR 488,784 ($130,342), compared to SAR 290,998 ($77,600) for the same period in 2021. The increase predominantly reflects the impact of stronger crude oil prices and volumes sold, and higher refining margins,” the report read.The report also said the income growth “was partially offset by an increase in production royalties mainly resulting from higher average effective royalty rate driven by stronger crude oil prices, and higher sales volume.”It added that the company’s free cash flow was estimated at $110.2 billion over the third quarter of 2022, which is 1.6 times higher than in the same period of 2021.Saudi Aramco is the national oil company of Saudi Arabia founded in 1933, with its headquarters located in Dhahran. The company controls almost all oil production facilities in the country.


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