Saudi Aramco Q3 net income surges 39% YOY

Oil giant Saudi Aramco posted a 39% increase in third-quarter net income on Tuesday amid heightened crude prices and global supply woes.

Saudi Aramco stated net income jumped from $30.4bn a year ago to $42.4bn in 2022, just above expectations, while free cash flow hit an all-time high of $45.0bn, up from $28.7bn in 2021.

The Dhahran-based firm also paid out a second-quarter dividend of $18.8bn, while its third-quarter dividend of the same amount will be returned to shareholders in the fourth quarter.

Chief executive Amin Nasser said Saudi Aramco's earnings and cash flow figures reinforced its "proven ability to generate significant value" through low-cost, low-carbon intensity upstream production and its strategically integrated upstream and downstream business.

"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," added Nasser.

Reporting by Iain Gilbert at Sharecast.com