14 augustus 2022
18:39
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The Saudi state oil company is capitalizing on booming demand for oil and expects more of the same for the rest of the decade.
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$48.4 billion. That’s the impressive net profit – almost doubling from a year earlier – that the world’s largest oil company, Saudi Aramco, was able to post for the second quarter. That teaches a press release from Aramco on Sunday, the full quarterly report will traditionally follow a day later.
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Revenue climbed 80 percent to $150 billion, and free cash flow rose by half to nearly $35 billion. Shareholders will also benefit and will receive a $18.8 billion dividend, just like in the first quarter.
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In fact, you can almost make it a ‘shareholder’: after the IPO at the end of 2019, Riyadh, in this case crown prince Mohammed bin Salmanstill 94 percent of the shares.
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We expect oil demand to continue to grow for the rest of the decade
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The quarterly profit is actually a global record. The ‘official’ record is the 59 billion net profit that the American mortgage giant Fannie Mae begin 2013 submitted. That ‘gain’, however, was largely due to a paper accounting capital gain on tax credits. The largest ‘operating’ net profit ever for a company not called Aramco was the $22 billion net profit for iPhone manufacturer Apple over the last three months of 2019.
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