Saudi Aramco Says Net Income Soars To Record $39.5Bln In Q1 2022
Muhammad Irfan Published May 15, 2022 | 02:00 PM
MOSCOW (UrduPoint News / Sputnik - 15th May, 2022) Saudi Arabia's state oil and gas company Saudi Aramco announced on Sunday that its net income in the first quarter of 2022 increased to a record-breaking $39.5 billion, which is 82% more compared to the same period in 2021.
"Aramco achieved a record quarterly net income of $39.5 billion in Q1, an 82% increase from $21.
7 billion in Q1 2021, primarily driven by higher crude oil prices and volumes sold, and improved downstream margins," the company said in a statement.
The main factors that influenced such results were the growth in oil prices and sales volumes, as well as improved downstream margins, Saudi Aramco explained.
Saudi Aramco is the national oil company of Saudi Arabia founded in 1933, with the headquarters located in Dhahran. The company controls almost all of the country's oil production facilities.
Recent Stories
HDA Mehran workers demand salaries
Taxila police nab motorcycle lifter gang
Inter-university weightlifting championship kicks off at SAU
Walk held in a series of enrollment campaigns
Team from Gaza mediator Egypt arrives in Israel for truce talks
Kids murders: IHC orders psychiatric examination of mother
Health minister credits PML-N for advancements in organ transplantation
Court grants interim bail to Azam Swati in cyber crime case
Kenya flood death toll since March climbs to 70
Commissioner chairs meeting of divisional task force for polio
Abuser boy arrested in Taxila
WB director, Planning minister discuss reforms in development projects
More Stories From Business
-
WB director, Planning minister discuss reforms in development projects
6 minutes ago -
IP rights crucial in achieving SDG : Jam Kamal
1 hour ago -
FBR’s data protection efforts commended by OECD assessment team
1 hour ago -
US stocks rebound on tech earnings, London hits new record
2 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
2 hours ago -
SBP to announce monetary policy on April 29
2 hours ago
-
50pc cut in subsidy of BRT service likely: CM’s aide
3 hours ago -
PSX gains 771 points
4 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
5 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
4 hours ago -
Coca-Cola invests an additional $22 million in Pakistan
5 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
5 hours ago