Saudi Aramco Q3 profits soar 158% on higher oil prices
Team Udayavani, Oct 31, 2021, 1:23 PM IST
Credit: Reuters photo
Saudi Aramco’s earnings rose 158 per cent year-on-year in the third quarter on higher oil prices and volumes sold as the global economy recovered, it said on Sunday.
Aramco’s net income was $30.4 billion in the third quarter, up from $11.8 billion in Q3 last year, with free cash flow more than doubling to $28.7 billion. Shareholders will receive $18.8 billion in dividends.
“The increase in net income was primarily the result of higher crude oil prices and volumes sold,” the Saudi oil giant said in its earnings statement.
It also cited “stronger refining and chemicals margins in Q3, which were underpinned by rebounding global energy demand and increased economic activity in key markets”.
The latest rise comes after profits nearly quadrupled in Q2 as the world economy bounced back from the Covid crisis, lifting demand and pushing oil prices back above $80 a barrel.
“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,” Aramco chief executive Amin Nasser said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Baku climate talks: The ‘X’ factor that could determine future of Global South
Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial
Gautam Adani charged in US with USD 250 mn bribery, fraud
India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra
RBI cautions public about ‘deepfake’ video of governor being circulated on social media
MUST WATCH
Latest Additions
Teen stabs man to death at railway station in Mumbai after quarrel over local train seat
War has endangered future of 2.5 billion children of world: UP CM Adityanath
UP man gets 10-yr jail term for murder attempt on father
Cement mixer truck overturns near Ambagilu
SC notice to Gujarat govt on Asaram’s plea seeking suspension of sentence in 2013 rape case
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.