Saudi Aramco Reports 48.4 Billion Dollar Profit in Q2 2022

The Saudi Arabian Oil Company, or Aramco, reported a 90% year-on-year profit increase in Q2, 2022, marking the world's largest energy exporter's most profitable quarter since its public listing 3 years ago. Following the report the 48.4 billion United States dollars of profit, Aramco President and Chief Executive Amin Nasser alongside other spokespeople of the company announced that the company's Q2 dividend would be at 18.8 billion US dollars, to be released in Q3, and that the company would provide ongoing investment and expansion to satisfy global energy demand. 


Although the price of Aramco stocks were largely unchanged following the latest reports, the company's stock price is up nearly 25% since the beginning of the year. Aramco joins other major energy exporters such as Exxon Mobil and BP, reporting record profits in the recent weeks following Western sanctions against Russian energy exporters. 


The Saudi Arabian government, which heavily relies on dividends from Aramco to fund government spending, also recently announced a 21 billion US dollar budget surplus for Q2. This surplus is roughly 50% high from last year. Some financial analysts state that Saudi Arabia will likely have a financial surplus at the end of 2022, making it the first time in nearly a decade. Saudi Arabian's Finance Minister told news outlets in May that surpluses could go towards the nation's 600 billion US dollar sovereign wealth fund, the foreign reserve at the nation's central bank, and the national development fund.

Note: The first image used in this article was retrieved from the public domain, and does not require attribution or citation for commercial use. The second image is my personal photograph. 

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