Daily Management Review

Saudi Aramco boosts profits to record $87.9B


The largest oil producer in the world, Saudi Aramco, reported an 86% increase in net profit in the first half of the year compared to the same time in 2021.

Overall, the company’s net profit hit record $87.9B.

Compared to $25.5 billion and $47.2 billion in the same periods of 2021, respectively, Aramco "achieved record quarterly and half-year net income of $48.4 billion for the second quarter and $87.9 billion for the first half of the year," the oil producer said.
According to Aramco, increasing oil prices, sales volumes, and good margins in the refining industry were the primary drivers of the profit.

source: reuters.com