Saudi Aramco reported a profit of $ 39.5 billion in the first quarter of 2022, compared to a profit of $ 21.7 billion in the corresponding period of the previous year. It’s about 82 percent. more than a year ago and, at the same time, more than economists forecasted in a survey for Reuters. The average of their forecasts was $ 38.5 billion. This is a record profit since the company went public – comments the CNBC portal.
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The company has earned so much because of the soaring oil and gas prices that which also benefit other giants from the industry – only from the beginning of the year the increases have reached 45%. Saudi Aramco’s higher profits are also due to the growing sales and optimization of the company’s operations.
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The company, which is almost entirely owned by the Saudi government, will also share the profit with shareholders – to pay out $ 18.8 billion in dividends. In addition, it will add to shareholders shares worth a total of four billion dollars.
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They overtook Apple
Saudi Aramco’s fantastic start to the year is also reflected in its stock market value, which has risen by 15% since January. The company’s capitalization is now nearly $ 2.43 trillion, making it the world’s most valuable company. Last week, it replaced the current leader, the American giant Apple. As the Financial Times recalled, Saudi Aramco regained its leadership position for the first time since 2020.
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The company now plans to increase investments and raise production capacity from 12 million barrels a day to 13 million in 2027.
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