Aramco Doubles Third Quarter Net Profit Due to Rising Crude Prices

Riyadh, Oct. 31 (EFE) .- Saudi state-owned oil company Aramco on Sunday announced its third quarter results, in which it recorded a 158% year-on-year increase in net profit compared to same period in 2020 thanks to higher oil prices and the amount of crude oil sold.

“Aramco’s net profit was $ 30.4 billion in the third quarter, compared to $ 11.8 billion in the third quarter of 2020. This 158% increase in year-over-year net profit mainly reflects the ‘impact of rising oil prices and volumes sold,’ Aramco explained in a statement.

This increase is produced thanks to “the recovery of global energy demand and increased economic activity in key markets,” said the note of the world’s largest oil company.

Aramco CEO Amin Nasser said in the statement that this was an “exceptional” result for the third quarter, although “there are headwinds for the global economy, in part. because of supply chain bottlenecks “. .

However, he said the state-owned company is “optimistic” that demand for energy will remain for the “foreseeable future.”

Aramco also announced in its third quarter 2021 results that its free cash flow rose to $ 28.7 billion from $ 12.4 billion the previous period, while the company will again pay its shareholders a dividend of 18, 8 billion, to be paid in the fourth quarter.

The rise in the price of crude oil continues without OPEC + producers planning to increase supply, despite the post-pandemic recovery continuing to pull demand. EFECOM

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(c) EFE Agency

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