Saudi Aramco Q2 Net Profit 63 Trillion Won... 90% Increase from Last Year

[Asia Economy Reporter Hwang Yoon-joo] Saudi Arabia's state-owned oil company Aramco recorded its highest quarterly earnings since its 2019 initial public offering.

On the 14th, Aramco announced its net profit for the second quarter of this year as $48.4 billion (approximately 63.2 trillion KRW). This is about an 89.8% increase compared to the $25.5 billion net profit in the same period last year.

As a result, the net profit for the first half of this year totaled $87.9 billion (approximately 114.8 trillion KRW), which is an 86% increase compared to $47.2 billion in the same period last year.

Aramco set its dividend for the second quarter of this year at $18.8 billion (approximately 24.5 trillion KRW) and announced it will be paid in the third quarter.

Amid soaring international oil prices this year, Aramco explained that the increase in profits was due to higher crude oil sales volume and rising refining margins.

Aramco CEO Amin Nasser stated that although there are concerns about an economic recession, oil demand is expected to continue increasing over the next decade from a long-term perspective.

This content was produced with the assistance of AI translation services.