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Saudi Aramco Q1 net profit up 1.8-fold

It amounted to $39.5 bln

MOSCOW, May 15. /TASS/. Net profit of the world's largest Saudi oil company Saudi Aramco in Q1 of 2022 amounted to $39.5 bln against $21.7 bln a year earlier, the company said on Sunday. Thus, the figure increased 1.8-fold, or by 82%.

Saudi Aramco highlights that its Q1 earnings set a record for quarterly earnings since the company's 2019 IPO. The company attributes the growing revenues to high oil prices and sales volumes, as well as to improved refining margins. Saudi Aramco dividends for Q1 will amount to $18.8 bln.

The company’s free cash flow for the reporting period amounted to $30.6 bln, an increase of 68% compared to 2021. The volume of capital expenditures of the company was reduced to $7.6 bln against $8.2 bln the previous year.

The average level of hydrocarbon production by Saudi Aramco in Q1 amounted to 13 mln barrels per day of oil equivalent.