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Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally, the company said Sunday. The oil and gas company, which is nearly entirely state-owned by Saudi Arabia, said it also saw a 90% surge in net profits for the second quarter of 2022 compared to the same time last year. Aramco said the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. The company said it would pay a dividend of $18.8 billion for the second quarter to shareholders, as it has promised to do since its IPO. Aramco said the profits were driven primarily by higher crude oil prices and volumes sold, and higher refining margins. The higher profits bode well for the Saudi government, which despite years of efforts to diversify the economy continues to be heavily reliant on oil and gas sales for revenue. Aramco President CEO Amin Nasser said the resu...

In this article CSG.N-CH NBHC Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 2:26 02:26 Saudi National Bank chairman calls on Credit Suisse management 'not to blink' on overhaul Capital Connection The chairman of one of Credit Suisse's newest and biggest shareholders called on the beleaguered bank to deliver a swift overhaul and return to a "very stable, conservative Swiss banking posture." Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. "We got it at the floor price. I think the bank has been battered," Ammar Alkhudairy told CNBC's Hadley Gamble on Sunday. "It's trading at less than a quarter of book value, of tangible book value, which is, which is a steal. And it's 160-year-old brand, the brand has a lot of value." The bank is reportedly set ...

Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally, the company said Sunday. The oil and gas company, which is nearly entirely state-owned by Saudi Arabia, said it also saw a 90% surge in net profits for the second quarter of 2022 compared to the same time last year. Aramco said the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. The company said it would pay a dividend of $18.8 billion for the second quarter to shareholders, as it has promised to do since its IPO. Aramco said the profits were driven primarily by higher crude oil prices and volumes sold, and higher refining margins. The higher profits bode well for the Saudi government, which despite years of efforts to diversify the economy continues to be heavily reliant on oil and gas sales for revenue. Aramco President CEO Amin Nasser said the resu...