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Saudi Arabian Oil Company (Saudi Aramco) Announces its Interim Financial Results for the Period Ended on 2022-03-31 (Three Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 467272.0771.647403.4115.763
Gross Profit (Loss) -----
Operational Profit (Loss) 277.71151.8982.836228.1121.743
Net Profit (Loss) after Zakat and Tax 148.0381.4481.765121.421.935
Total Comprehensive Income 160.5893.1372.425119.9333.894
All figures are in (Billions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 1,197.351,010.4118.501
Profit (Loss) per Share 0.650.36
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 first quarter of 2022 was SAR 148.03 billion ($39.47 billion), compared to SAR 81.44 billion ($21.72 billion) for the same quarter of 2021. 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 quarter compared to the previous period of the current year is Net income for the first quarter of 2022 was SAR 148.03 billion ($39.47 billion), compared to SAR 121.40 billion ($32.37 billion) for the fourth quarter of 2021. The increase was mainly driven by higher crude oil prices 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 49.89 billion for the first quarter of 2022 (Q1 2021: SAR 28.09 billion, Q4 2021: SAR 42.86 billion). As a result, revenue and other income related to sales amounted to SAR 516.90 billion for the first quarter of 2022 (Q1 2021: SAR 300.16 billion, Q4 2021: SAR 446.27 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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