Aramco’s profits jump 40% to 159 billion riyals in the third quarter

Saudi Arabian Oil Company “Aramco” today announced preliminary financial results for the period ending September 30, 2022, where net profit was 159.12 billion riyals (42.43 billion US dollars). ) for the third quarter of 2022, a 40% increase from the 114.09 billion Saudi riyal ($ 30.43 billion) for the same quarter of 2021.

The company explained in a note in “Tadawul Saudi Arabia” that the increase in net profit was mainly driven by the increase in crude oil prices and quantities sold, but this increase was partially offset by an increase in rent over production, which is in largely attributable to the increase in the average effective rent, resulting from the sharp rise in crude oil prices and the increase in sales volume.

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