Giant profit record. The Saudis made a fortune from oil

Saudi Aramco recorded a profit of $39.5 billion in the first quarter of 2022, compared to a profit of $21.7 billion in the corresponding period of the previous year. It’s about 82 percent. More than a year ago, meanwhile, more than economists predicted in a Reuters survey. Their average forecast was $38.5 billion. This is a record profit since the company went public – commented on the CNBC portal.

The company has achieved a lot due to the huge rise in oil and gas prices, Which also benefits other giants in the industry – only since the beginning of the year the increases have reached 45%. Saudi Aramco’s higher profits are also attributed to increased sales and improved operations of the company.

The company, which is almost wholly owned by the Saudi government, will share the profits with shareholders – To pay $18.8 billion in dividends. Furthermore, it will contribute to shareholders with equity totaling $4 billion.

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Saudi Aramco’s great start to the year is reflected in its market capitalization, which is up 15% since January.. The company is now capitalized at approximately $2.43 trillion, making it the most valuable company in the world. Last week, she replaced the current leader, the American giant Apple. As the Financial Times noted, Saudi Aramco regained its leadership position for the first time since 2020.

The company now plans to increase investments and raise production capacity from 12 million barrels per day to 13 million in 2027.