Saudi Aramco records biggest profit for any publicly traded company in the world as it benefits from soaring oil prices
Saudi Aramco has made the largest profit for any publicly traded company in the world as it benefited from soaring oil prices.
The energy company, which is more than 94 percent owned by the Saudi state, reported record profits of £40 billion in the second quarter of the year.
This was almost double the £21bn generated over the same period in 2021 amid rising oil prices and higher sales.
Bumper windfall: Saudi Aramco reported record profit of £40bn in the second quarter of the year
Following the huge windfall, Aramco unveiled plans to pay out a £15.5 billion dividend for the quarter, the bulk of which will be raised by the country’s government.
Despite recent efforts to reduce fossil fuel use around the world, Aramco chief executive Amin Nasser said the firm expected oil demand to “continue to grow for the rest of the decade,” but stressed that the company was working on it. increasing the production of ‘multiple energy sources’, including renewable energy sources.
It tracks comparable figures from other oil giants such as BP and Shell.
Brent oil, an international oil price benchmark, is up 26 percent this year to nearly $100 a barrel so far as the war in Ukraine disrupted energy supplies.