Saudi Aramco’s net profit fell by 19% in January-March this year

The net profit of the largest oil producer Saudi Aramco decreased by 19% in the first quarter of this year. This should from company reports.

In January-March of this year, the profit of the Saudi oil company amounted to $31.9 billion – for comparison, in the same quarter of 2022, the net profit of Saudi Aramco was about $39.5 billion.

At the same time, the company’s profit was higher than expected. For example, by estimated analysts from Refinitiv company, it was planned to net profit in the region of $30.8 billion. Saudi Aramco’s dividend payments for the first quarter will amount to $19.5 billion.

There was also a drop in the average price of oil sold at the beginning of the year. If last year the price was at $97.7 per barrel, then this year it was $81 per barrel.

March 12 Saudi Aramco in its report indicated that its net income was $ 161.1 billion for the whole of last year. The oil company called these results record – in comparison with 2021, Saudi Aramco increased profits by 46.5%.

Spring 2022 Bloomberg informedthat the Saudi oil company raised the price of oil supplies to all regions of the world. At that time, prices for Arab Light oil for Asian buyers were increased by $9.35 per barrel in May.

Already in the summer of the same year, Saudi Aramco reported about the growth of net profit by 86% (to $87.9 billion) for the II quarter of 2022, which also became a record. The oil company attributed this to high energy prices and increased demand.