Saudi Aramco posts net profit of $42.4 bn in Q3
Saudi Aramco’s net income totaled $42.4 billion in Q3 2022, up from $30.4 billion in the same period last year, according to a bourse filing.
This was “primarily driven by higher crude oil prices and volumes sold”.
CEO Amin Nasser touted the firm’s “strong earnings and record free cash flow” of $45 billion, up from $28.7 billion at this time last year.
“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” he said in a statement.
Last Monday, the International Monetary Fund (IMF) said Saudi Arabia’s GDP is expected to expand by 7.6 percent this year.