Saudi Aramco posts 39% jump in third-quarter profits: statement

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.”

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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.

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Mridha Shihab Mahmud is a writer, content editor and photojournalist. He works as a staff reporter at News Hour. He is also involved in humanitarian works through a trust called Safety Assistance For Emergencies (SAFE). Mridha also works as film director. His passion is photography. He is the chief respondent person in Mymensingh Film & Photography Society. Besides professional attachment, he loves graphics designing, painting, digital art and social networking.
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