The Clap
Saudi Aramco (2222) recorded the second-highest quarterly profit during Q3 2022 since its listing on Tadawul, beating analysts’ expectations thanks to higher oil prices and an increase in sales.
The Deets
The oil behemoth’s net income jumped 39% YoY, to record SAR 159.1 billion, exceeding analysts’ estimate of SAR 151.6 billion.
The company’s free cash flow also increased YoY during Q3 to SAR 168.6 billion from SAR 107.7 billion.
So What
Aramco, the world’s largest oil company, ranked first among the world’s largest listed companies, in terms of profitability during Q3.
It is also the second-largest global company in terms of market value, after Apple, with a value of about two trillion dollars, in addition to being the main source of KSA’s revenues.
Record Dividends
Aramco maintained its dividend payout, the largest in the world, as the company announced the distribution of SAR 70.3 billion in cash dividends to shareholders for Q3 2022.
It joins major oil companies such as “ExxonMobil” and “Chevron”, which have revealed strong or record business results in recent weeks as a result of the rise in crude and natural gas prices following the Russian-Ukrainian war.
