Saudi oil giant Aramco announced a 158 percent increase in profits today in the third quarter of this year, spurred by rising oil prices and a recovery in demand with a mitigation of the corona virus pandemic.
The Saudi public company, the world’s largest oil exporter, said its net profit was $ 30.4 billion, up from $ 11.8 billion in the third quarter of 2020.
Aramco also stated that it gave $ 18.8 billion in dividends to its shareholders, almost two years since it went public in Riyadh in December 2019.
“The increase in net profit is mainly the result of rising oil prices and sales volumes,” the company said in a statement.
Despite obstacles to the global economic recovery, Aramka CEO Amin Nasser said in a statement that he was “optimistic” about the demand for energy.
The company had a profit jump of 30 percent in the first quarter and more than 288 percent in the second quarter.
In mid-October, the Saudi oil giant announced that it wants to increase its daily production capacity from 12 to 13 million barrels by 2027. The company had a 44.4 percent drop in net profit in 2020.//