13 Hrs
Source:
الاقتصادية
Aramco profits up 42 percent
Saudi Aramco achieved strong quarterly profits in the second quarter of 2026, amounting to 121.5 billion riyals, representing a 42% increase compared to the previous year and exceeding analysts’ forecast of approximately 115 billion riyals. The rise was driven by a 19% increase in revenues, reaching 450.77 billion riyals, due to higher prices for refined products, chemicals, and crude oil, with the average barrel price reaching $108.1—up 62% year-on-year. The company also decided to distribute dividends of 82 billion riyals for the second quarter, offering shareholders a return of 5%, which is higher than the market average of 3.5%. This quarter's profits are the highest in four years, marking continuous revenue growth for the fourth consecutive quarter. The improved pricing environment appears to have contributed to better company results, especially in the exploration, production, and refining sectors, with a positive outlook for the stock supported by a target price that is 12% higher than the current price.
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