Monday, September 20, 2021

Saudi Aramco Q2 profit soars on higher prices, demand recovery | Malay Mail

The Saudi Aramco logo is displayed at the company’s oil facility in Abqaiq, Saudi Arabia, on October 12, 2019. – Reuters pic

DUBAI, Aug. 8 – Saudi Arabia’s state oil producer Aramco reported a nearly four-fold increase in second-quarter net profit on Sunday, driven by higher oil prices and a recovery in oil demand. .

Aramco said its results were supported by global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures, and acceleration of economic activity in key markets.

Oil prices, driven by production cuts made by OPEC and other oil producers, closed at $ 70.70 a barrel on Friday and have gained more than 35 percent since the beginning of the year.

Net profit increased to 95.47 billion riyals (107.4 billion ringgit) in the quarter to June 30 from 24.62 billion riyals in the previous year.

Analysts had expected a net profit of $ 23.2 billion, based on the median estimate of five analysts.

Declared a dividend of US $ 18.8 billion in the second quarter, to be paid in the third quarter.

“Our second quarter results reflect a strong rebound in global energy demand and we are heading into the second half of 2021 more resilient and flexible as the global recovery gains momentum,” said Aramco CEO Amin Nasser, it’s a statement.

Aramco raised $ 6 billion in June with its first US dollar-denominated sukuk sale, which was expected to help finance a large dividend that will go primarily to the government.

A consortium that included Washington DC-based EIG Global Energy Partners closed a deal in June to buy 49 percent of Aramco’s pipeline business for $ 12.4 billion. – Reuters

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