Aramco announces third quarter results and dividends… tomorrow

The Saudi stock market awaits the disclosure by the Saudi Arabian Oil Company “Aramco” of the financial results and dividends for the third quarter of 2022 tomorrow, Tuesday, before the market opens.

Saudi Aramco’s profits increased in the second quarter of 2022 by about 90%, to 181.6 billion riyals, compared to 95.47 billion riyals in the second quarter of 2021.

During the first half of 2022, Aramco achieved profits of 329.67 billion riyals, compared to 176.9 billion riyals, an increase of 86.35%.

The company said the increase in profits for the second quarter was mainly due to the increase in the prices and quantities sold of crude oil and the increase in profit margins for the refining business.

Aramco has announced the distribution of dividends in cash to shareholders in the amount of 70.33 billion riyals, or $ 18.76 billion, for the second quarter of 2022. The distribution share was 0.32 riyals.

Al-Rajhi Capital forecast that Aramco will reach profits of 154.14 billion riyals during the third quarter of 2022, an increase of 41% over the same period in 2021, which amounted to 109 billion riyals.

While Al-Ahly Capital Company expected Aramco to achieve profits of 151.88 billion riyals in the third quarter of 2022.

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