Aramco profits soar in third quarter

Saudi’s oil giant Aramco reported a 158 percent increase in net income to US $30.4 billion within the third quarter of this year, compared to last year, due to a higher crude oil prices and volumes sold and stronger refining and chemicals margins in Q3.

Aramco’s net income rose to $30.4 billion in the third quarter, compared to $11.8 billion, the company said in a statement on Sunday. 

The company said that the free cash flow was US $28.7 billion in the third quarter, compared to US  $12.4 billion for the same period in 2020.

“Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position, our financial discipline and our proven ability to reliably deliver essential energy and chemical products to our customers,” said ramco President & CEO Amin H. Nasser in the statement. 

“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future,” he added. 

Much like other big oil companies, Aramco has benefits from an increase in oil prices by around 65 percent, which has reached to more than US $80 per barrel.