Tuesday saw the release of Saudi Aramco’s latest financial figures, which saw a 39 percent increase in third-quarter profits thanks to higher oil prices partly brought on by Russia’s invasion of Ukraine.
According to a report with the Saudi Stock Exchange, the energy giant’s net income increased to $42.4 billion from $30.4 billion during the same time previous year. This increase was “mainly driven by higher crude oil prices and volumes sold.”
Saudi Arabia’s stock market ended lower on Tuesday underperforming Gulf peers following a slew of disappointing corporate earnings, while the Dubai index extended losses for a second session.
The benchmark index in Saudi Arabia dropped 1.2%, dragged down by a 1.3% fall in Retal Urban Development Co and a 9.9% plunge in Saudi Arabia Mining Co (Ma’aden).
Ma’aden – which saw its biggest intraday fall since December 2014 – reported a third-quarter net profit of 2.10 billion riyals ($559 million), marking a drop of about 48% from the previous quarter. However, profit was up 65.3% year-on-year.
Elsewhere, Rabigh Refining and Petrochemical tumbled 9.8%, hitting a 18-month low, as it swung to a quarterly loss.