TADAWUL:2222 News & Analysis

Saudi Aramco Profits Rise 33% to $33.4 Billion in Q2 2023

Saudi Aramco reported a second-quarter adjusted net income of 125.2 billion Saudi riyal ($33.4 billion), a 33% increase year-on-year, surpassing analyst predictions of $31.59 billion. Cash flow from operating activities reached $25.4 billion, and the company maintained maximum export capacity of 7 million barrels per day using its East-West pipeline. Additionally, a base dividend of $21.9 billion will be paid in the next three months. This growth is primarily attributed to higher prices for crude oil and refined products amidst regional conflicts affecting oil supply, which is significant for market stability and investment in the energy sector (TADAWUL:2222).