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Saudi Arabian Oil Company (Saudi Aramco) Announces its Interim Financial Results for the Period Ended 2022-06-30 (Six Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 562.07312.3579.9546720.36
Gross Profit (Loss) -----
Operational Profit (Loss) 324.49179.1281.16277.7116.84
Net Profit (Loss) after Zakat and Tax 181.6495.4790.26148.0322.7
Total Comprehensive Income 181.9493.9193.74160.5813.3
All figures are in (Billions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,029.07584.4376.08
Gross Profit (Loss) ---
Operational Profit (Loss) 602.1933181.93
Net Profit (Loss) after Zakat and Tax 329.67176.9186.35
Total Comprehensive Income 342.52187.0483.13
Total Share Holders Equity (after Deducting Minority Equity) 1,302.11,029.4726.48
Profit (Loss) per Share 1.440.77
All figures are in (Billions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net income for the second quarter of 2022 was SAR 181.64 billion ($48.44 billion), compared to SAR 95.47 billion ($25.46 billion) for the same quarter of 2021. The increase was largely attributable to higher crude oil prices and volumes sold, and higher refining margins.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Net income for the second quarter of 2022 was SAR 181.64 billion ($48.44 billion), compared to SAR 148.03 billion ($39.47 billion) for the first quarter of 2022. The increase was mainly driven by higher crude oil prices and volumes sold, and improved Downstream margins.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net income for the first half of 2022 was SAR 329.67 billion ($87.91 billion), compared to SAR 176.91 billion ($47.18 billion) for the same period of 2021. The increase principally reflects the impact of higher crude oil prices and volumes sold, and improved Downstream margins.
Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items None
Additional Information Given the nature of Saudi Aramco’s business in prospecting, exploring, drilling and extracting hydrocarbon substances (Upstream), Saudi Aramco’s consolidated statement of income does not include gross profit.

- Other income related to sales was SAR 86.31 billion for the second quarter of 2022 (Q2 2021: SAR 37.60 billion, Q1 2022: SAR 49.89 billion). As a result, revenue and other income related to sales amounted to SAR 648.37 billion for the second quarter of 2022 (Q2 2021: SAR 349.95 billion, Q1 2022: SAR 516.90 billion).

- Other income related to sales was SAR 136.20 billion for the first half of 2022 (first half 2021: SAR 65.68 billion). As a result, revenue and other income related to sales amounted to SAR 1,165.27 billion for the first half of 2022 (first half 2021: SAR 650.11 billion).

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The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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