Saudi Arabian Oil Co. (Saudi Aramco) reported an 81% surge in Q1 2022 net profit to SAR 142 billion, compared to SAR 78.59 billion a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 300,157.00 | 516,897.00 | 72.2 % |
| Gross Income | 185,432.00 | 319,172.00 | 72.1 % |
| Operating Income | 151,887.00 | 277,705.00 | 82.8 % |
| Net Income | 78,590.00 | 142,012.00 | 80.7 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.32 | 0.59 | 80.7 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 446,269.00 | 516,897.00 | 15.8 % |
| Gross Income | 271,963.00 | 319,172.00 | 17.4 % |
| Operating Income | 228,110.00 | 277,705.00 | 21.7 % |
| Net Income | 116,639.00 | 142,012.00 | 21.8 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.48 | 0.59 | 21.8 % |
The profit rise was driven by higher crude oil prices and sales volumes, along with better downstream margins.
On a sequential basis, the first-quarter net profit rose by 21.8% from SAR 116.63 billion, thanks to improved crude oil prices and downstream margins.
Shareholders’ equity, after minority interest, increased by 18.5% to SAR 1.197 trillion in Q1 2022, compared to SAR 1.010 trillion a year earlier.
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