{"id":546428,"date":"2022-05-16T04:00:48","date_gmt":"2022-05-16T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/"},"modified":"2022-05-16T04:00:48","modified_gmt":"2022-05-16T04:00:48","slug":"aramco-reports-record-quarter-profits-on-higher-oil-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/","title":{"rendered":"Aramco reports record quarter profits on higher oil prices"},"content":{"rendered":"

<\/a> Saudi Aramco reported record net income in 1Q 2022<\/strong>, on the back of surging oil prices and rising demand, the company announced in its latest earnings release (pdf)<\/a>. The oil giant\u2019s bottom line rose 82% during the quarter to a record USD 39.5 bn, which it attributed to higher crude prices, larger volumes, and improved downstream margins. The company will pay out USD 18.8 bn in dividends for the quarter, and will also distribute one bonus share per every 10 shares. Brent crude surged to its highest in over a decade in March, and is currently trading at USD 111.5 a barrel, nearly two-thirds higher than its price during the same period last year.<\/p>\n

Aramco > Apple:<\/strong> The results come a few days after the company overtook Apple<\/a> to become the world\u2019s most valuable company by market cap. Buoyed by the volatility in the energy markets, Aramco shares have risen to record highs in recent weeks at the same time as Apple has come under pressure from the heavy sell-off in tech stocks in the US.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,534<\/p>\n<\/td>\n

\n

-1.4% (YTD: -11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.25<\/p>\n<\/td>\n

\n

Sell 18.34<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.27<\/p>\n<\/td>\n

\n

Sell 18.34<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

9.25% deposit<\/p>\n<\/td>\n

\n

10.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

13,149<\/p>\n<\/td>\n

\n

+2.5% (YTD: +16.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,493<\/p>\n<\/td>\n

\n

+2.9% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,419<\/p>\n<\/td>\n

\n

+2.8% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,024<\/p>\n<\/td>\n

\n

+2.4% (YTD: -15.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,418<\/p>\n<\/td>\n

\n

+2.6% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,703<\/p>\n<\/td>\n

\n

+2.5% (YTD: -13.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 111.55<\/p>\n<\/td>\n

\n

+3.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 7.66<\/p>\n<\/td>\n

\n

-1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,808.20<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 30,990<\/p>\n<\/td>\n

\n

+4.6% (YTD: -32.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP 733 mn (15.5% below the 90-day average). Foreign investors were net buyers. The index is down 11.8% YTD.<\/p>\n

In the green: <\/strong>CIRA (+2.0%), Cleopatra Hospitals (+1.7%) and Eastern Company (+1.3%).<\/p>\n

In the red: <\/strong>Ibnsina Pharma (-4.6%), EFG Hermes (-4.4%) and Credit Agricole Egypt (-3.5%).<\/p>\n

It was a mixed open in the Asian markets this morning<\/strong>, after fresh data from China underscored the negative impact the country\u2019s covid-19 lockdowns are having on the economy. Shares in China were in the red and exchanges elsewhere were marginally in the green after retail figures showed that sales fell 11% in April<\/a>.<\/p>\n

Stock futures suggest that US and European shares will fall<\/strong> when markets open later today.<\/p>\n

CORRECTION-<\/strong> We incorrectly reported in yesterday\u2019s EnterprisePM that Credit Agricole Egypt\u2019s net income fell 69% in the first quarter of 2022. In fact, the bank saw its bottom line rise 30% during the period. The story has since been updated on our website<\/a>. We regret the error.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Aramco reported record net income in 1Q 2022, on the back of surging oil prices and rising demand, the company announced in its latest earnings release (pdf). The oil giant\u2019s bottom line rose 82% during the quarter to a record USD 39.5 bn, which it attributed to higher crude prices, larger volumes, and improved […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[394,302,93,72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546428","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aramco","tag-earnings","tag-energy","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"e0be598c-c1f9-43da-be5c-5a66b0e562f9","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546406],"teaser":"","voice_url":""},"yoast_head":"\nAramco reports record quarter profits on higher oil prices - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco reports record quarter profits on higher oil prices\" \/>\n<meta property=\"og:description\" content=\"Saudi Aramco reported record net income in 1Q 2022, on the back of surging oil prices and rising demand, the company announced in its latest earnings release (pdf). 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Net income fell to USD 32.6 bn in the quarter, down from USD 42.4\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/384.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558357,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/aramco-hikes-prices-in-asia-and-the-us-nvidias-arm-purchase-hits-hiccup\/","url_meta":{"origin":546428,"position":1},"title":"Aramco hikes prices in Asia and the US + Nvidia\u2019s Arm purchase hits hiccup","author":"enterpriseam admin","date":"5 August 2021","format":false,"excerpt":"Saudi Aramco raised September oil prices for buyers in Asia and the US, in a show of confidence for a continued recovery in demand despite a surge in coronavirus cases in key oil importers, Bloomberg reports. The national oil company raised the price of its oil grades for Asia \u2014\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582621,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/corporates-in-em-are-having-a-hard-time-in-the-debt-markets\/","url_meta":{"origin":546428,"position":2},"title":"Corporates in EM are having a hard time in the debt markets","author":"enterpriseam admin","date":"13 March 2023","format":false,"excerpt":"EM corporate bonds struggle on high cost of debt: Emerging-market companies have sold only USD 60 bn worth of bonds since the beginning of the year \u2014 an 18% drop from the same period last year \u2014 as higher interest rates and high-profile troubles at EM firms including India\u2019s Adani\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Cairo-downtown-talaatharb-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548606,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/","url_meta":{"origin":546428,"position":3},"title":"Aramco profits surge 90% in 2Q 2022","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"EARNINGS WATCH- #1- Saudi Aramco\u2019 posts record net income amid spiraling oil prices: Saudi Aramco reported record 2Q 2022 and 1H 2022 earnings on the back of soaring crude oil prices and volumes sold, the company said in its earnings release (pdf) yesterday. The oil giant\u2019s net income soared 90%\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546504,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/18\/aramco-could-deliver-one-of-the-worlds-biggest-ipos-this-year\/","url_meta":{"origin":546428,"position":4},"title":"Aramco could deliver one of the world\u2019s biggest IPOs this year","author":"enterpriseam admin","date":"18 May 2022","format":false,"excerpt":"Saudi Aramco is considering an IPO of its trading unit in a transaction that could be worth more than USD 30 bn, putting it on track to become one of the world\u2019s biggest listings this year, Bloomberg reports, citing people in the know. Investment banks Goldman Sachs, JPMorgan, Morgan Stanley\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586379,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/fertiglobe-aramco-post-lower-earnings-in-1q-as-oci-reconsiders-listing-venue\/","url_meta":{"origin":546428,"position":5},"title":"Fertiglobe + Aramco post lower earnings in 1Q as OCI reconsiders listing venue","author":"enterpriseam admin","date":"10 May 2023","format":false,"excerpt":"The company\u2019s produced green ammonia from its 100-MW hydrogen plant in Egypt during the quarter","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/549.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546428"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546428\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546406"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546428"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546428"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}