Saudi Aramco’s net profit rises 39% to $42.4bn in Q3 2022

Aramco

Saudi Aramco reported a net income of $42.4 billion for the third quarter of 2022, an increase of 39 percent year-on-year, the company said in a statement.

According to the company’s financial results, free cash flow increased to $45 billion and cash flow from operating activities reached $54 billion.

In the third quarter, capital expenditure stood at $9 billion, up 19.1 percent year-on-year. The oil major paid a Q2 2022 dividend of $18.8 billion in the third quarter, while the Q3 dividend of $18.8 billion will be paid in the fourth quarter, the statement said.

Aramco President and CEO Amin Nasser said that the company’s strong earnings and record free cash flow in the third quarter reinforce its ability to generate significant value through its low-cost, low-carbon intensity upstream production and strategically integrated upstream and downstream business.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy.”

Nasser said that Aramco’s plans for its downstream expansion continue to move forward as it seeks to meet rising global demand for petrochemicals, which will be critical to the materials transition that is required to support a lower-carbon future.

“We continue to develop new, lower-carbon energy solutions as we work to be part of a more practical, stable and inclusive energy transition,” the CEO stated.