RIYADH: Shares of the world’s largest crude producer Saudi Aramco finished lower on Sunday, following a record second quarter profit of SR182 billion ($48.4 billion).                                                                                                                       

Aramco’s profit soared 80 percent in the second quarter of 2022 from SR95.5 billion a year earlier, beating the median of analysts’ forecasts with the highest quarterly profit since going public in 2019.

Despite the robust results, its share price edged 0.86 percent lower to SR40.45 at Sunday’s close, extending losses from earlier in the day.

This brings Aramco’s market cap to SR8.9 trillion. 

The crude producer attributed the profit hike to rising crude prices which soared to record highs earlier this year, higher volumes sold, and improved downstream margins.