Saudi Aramco reported record net income in 1Q 2022, on the back of surging oil prices and rising demand, the company announced in its latest earnings release (pdf). The oil giant’s bottom line rose 82% during the quarter to a record USD 39.5 bn, which it attributed to higher crude prices, larger volumes, and improved downstream margins. The company will pay out USD 18.8 bn in dividends for the quarter, and will also distribute one bonus share per every 10 shares. Brent crude surged to its highest in over a decade in March, and is currently trading at USD 111.5 a barrel, nearly two-thirds higher than its price during the same period last year.

Aramco > Apple: The results come a few days after the company overtook Apple to become the world’s most valuable company by market cap. Buoyed by the volatility in the energy markets, Aramco shares have risen to record highs in recent weeks at the same time as Apple has come under pressure from the heavy sell-off in tech stocks in the US.

THE CLOSING BELL-

The EGX30 fell 1.4% at yesterday’s close on turnover of EGP 733 mn (15.5% below the 90-day average). Foreign investors were net buyers. The index is down 11.8% YTD.

In the green: CIRA (+2.0%), Cleopatra Hospitals (+1.7%) and Eastern Company (+1.3%).

In the red: Ibnsina Pharma (-4.6%), EFG Hermes (-4.4%) and Credit Agricole Egypt (-3.5%).

It was a mixed open in the Asian markets this morning, after fresh data from China underscored the negative impact the country’s covid-19 lockdowns are having on the economy. Shares in China were in the red and exchanges elsewhere were marginally in the green after retail figures showed that sales fell 11% in April.

Stock futures suggest that US and European shares will fall when markets open later today.

CORRECTION- We incorrectly reported in yesterday’s EnterprisePM that Credit Agricole Egypt’s net income fell 69% in the first quarter of 2022. In fact, the bank saw its bottom line rise 30% during the period. The story has since been updated on our website. We regret the error.