Aramco announces 288 percent increase in net income

Saudi oil giant, Aramco, said that they have made US $25.5 billion which is a 288 percent increase in net income in the second quarter of 2021, compared to the same quarter of last year, which was SAR 24.62 billion ($6.57 billion) due to a higher oil prices and recovery in worldwide demand.

The Company’s net income for the first half of the year was US $47.2 billion, representing a 103 percent increase over the same period in 2020.

"Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum," said Aramco President & CEO Amin H. Nasser.

The company declared SAR 70.33 billion ($18.76 billion) dividends to shareholders for the second quarter of this year. Aramco’s net income is US $25.5 billion in the second quarter of 2021, compared to  US $6.6 billion in the same quarter of 2020.

“We continue to move forward on a number of strategic programs, which focus on sustainability and low-carbon fuels, maximizing the value of our assets, and advancing our downstream integration and expansion journey. For all these reasons and more, I remain extremely positive about the second half of 2021 and beyond," added Amin in the statement.

The announcement comes a day after the Saudi TV said that the company is working on fixing a technical malfunction at the petroleum products distribution station in the Qassim region.