Riyadh: The Saudi Arabian Oil Company ‘Aramco’ yesterday announced its first quarter 2022 financial results, posting an 82 percent year-on-year increase in net income to $39.5bn, results were underpinned by higher crude oil prices and volumes sold, and improved downstream margins.
Cash flow from operating activities reached SAR143bn ($38.2bn) in the first quarter of this year compared to SAR99.3bn ($26.5bn) In the first quarter of 2021, free cash flow increased by 68 percent year-on-year compared to the same period last year to SAR114.9bn ($30.6bn). Aramco President and CEO Amin H Nasser, said the company continued its progress, achievements and interaction with the markets, bringing the first quarter results to an exceptional level, making it the strongest quarterly profit since the company’s initial public offering in 2019.
