‎“Aramco” to announce Q3 results tomorrow.. Higher profits ‎expected

It is expected that Saudi Aramco will announce tomorrow, Tuesday, November 1, 2022, its financial results and dividends for the third quarter of this year, and the preliminary report for the period ending in September 2022.

The average forecast for Saudi Aramco by the end of the third quarter of the year 2022 is about 153 billion riyals, an increase of 40% from the profits of the same quarter of the year 2021, which was 109 billion riyals.

According to Al-Rajhi Financial’s forecast, the company will achieve 154.1 billion riyals in profits by the end of the third quarter of this year, while Al-Ahly Capital expected profits to reach 151.9 billion riyals for the quarter ending in September 2022.

It is noteworthy that Saudi Aramco’s profits jumped to 181.6 billion riyals ($48.44 billion) in the second quarter of 2022, compared to 95.47 billion riyals ($25.46 billion) for the same period in 2021, primarily due to the increase in crude oil prices and the quantities sold, in addition to the increase in profit margins of the refining business.

On the other hand, net income amounted to 329.67 billion riyals ($87.91 billion) for the first half of 2022, compared to 176.91 billion Saudi riyals ($47.18 billion) for the same period in 2021. This increase is primarily due to the impact of a rise in Crude oil prices and sold quantities, and improvement in the profit margins of the refining, processing and marketing sector.

According to the company, due to the nature of Saudi Aramco’s business in the field of research, exploration, drilling and extraction of hydrocarbons (exploration and production), Saudi Aramco’s consolidated income statement does not include the gross profit item.

Other income related to sales amounted to 86.31 billion riyals for the second quarter of 2022 (37.60 billion riyals for the second quarter of 2021, 49.89 billion riyals for the first quarter of 2022). As a result, the total revenue and other income related to sales amounted to 648.37 billion riyals for the second quarter of 2022 (349.95 billion riyals for the second quarter of 2021, 516.90 billion riyals for the first quarter of 2022).

Other income related to sales amounted to 136.20 billion riyals for the first half of 2022 (65.68 billion riyals for the first half of 2021). As a result, the total revenue and other income related to sales amounted to 1,165.27 billion riyals for the first half of 2022 (650.11 billion riyals for the first half of 2021).