Saudi Aramco says net income soars to record USD 39.5bn in Q1 2022

RIYADH: Saudi Arabia's state oil and gas company Saudi Aramco announced on Sunday that its net income in the first quarter of 2022 increased to a record-breaking $39.5 billion, which is 82% more compared to the same period in 2021.

"Aramco achieved a record quarterly net income of $39.5 billion in Q1, an 82% increase from $21.7 billion in Q1 2021, primarily driven by higher crude oil prices and volumes sold, and improved downstream margins," the company said in a statement.

The main factors that influenced such results were the growth in oil prices and sales volumes, as well as improved downstream margins, Saudi Aramco explained.

Saudi Aramco is the national oil company of Saudi Arabia founded in 1933, with the headquarters located in Dhahran. The company controls almost all of the country's oil production facilities.