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

Teen stabs man to death at railway station in Mumbai after quarrel over local train seat

BJP stages protest against Karnataka govt over Waqf properties row

Youth attempts suicide after being humiliated in public for wearing ripped jeans in Belthangady

India crawl to 51 for 4 after losing top-order

Nursing student suicide: Three students arrested in Kerala

Nadda’s letter to Kharge full of falsehoods: Cong

10 month baby gets new heart, new life

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

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


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.