The bottom line is that the Saudi company earned USD 41.6 billion (EUR 41.9 billion) in the third quarter, around 40 percent more than a year earlier.
The rise in oil and gas prices has given the state-owned oil company Saudi Aramco another huge jump in profits. The bottom line is that the Saudi company earned USD 41.6 billion (EUR 41.9 billion) in the third quarter, around 40 percent more than a year earlier, as announced on Tuesday night. It’s the second-largest net gain since the company’s IPO. Only in the months of April to June of this year was it even larger at $48 billion.
It is true that oil prices fell again in March from their highest level in the past 14 years because rising inflation and the tighter monetary policy of the central banks are slowing down the global economy. However, a barrel of North Sea Brent currently costs around 94 dollars – a fifth more than at the beginning of the year. Aramco CEO Amin Nasser expressed confidence that oil demand should continue to rise for the full decade.
Free cash flow increased by more than half in the third quarter to a record nearly $45 billion. The most valuable company in the world wants to maintain its dividend policy. $18.8 billion is to be paid out to shareholders for the quarter, more than any other company.