Tuesday, September 21, 2021

Saudi Aramco Q2 profit soars on higher prices, demand recovery By Reuters

Saudi Aramco Q2 profit soars on higher prices, demand recovery
© Reuters. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

DUBAI (Reuters) – Saudi Arabian state oil producer Aramco (SE:) on Sunday reported a nearly four-times rise in second-quarter net profit, boosted by higher oil prices and a recovery on oil demand.

Net income rose to 95.47 billion riyals ($25.46 billion) for the quarter to June 30 from 24.62 billion riyals a year earlier.

Analysts had expected a net profit of $23.2 billion, according to the mean estimate from five analysts.

($1 = 3.7501 riyals)

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