The Clap
Arabian Aramco Total Services revealed that its parent company SATORP recorded a net profit of SAR 2.17 billion riyals on an annual basis during Q3 2022.
The Deets
The increase in SATORP’s net profit in Q3 was driven by an improvement in refining and petrochemical margins and an increase in productivity YoY.
So What
SATORP is an oil refinery owned by Saudi Aramco (2222) and France’s Total and is one of the largest petrochemical refining projects in the world.
Now What
The company recorded a net profit of SAR 6.68 billion during the first nine months of this year, an improvement compared to losses of around SAR 1.16 billion YoY in 2021.
