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
India not reaping benefits of democratic dividend: Raghuram Rajan
Markets slump for third day on fears of escalating tensions in Middle East; IT stocks drag
Tesla is planning to lay off 10 of its workers after dismal 1Q sales, multiple news outlets report
With just Rs 150 base airfare take a 50-minute flight
Byju’s founder Raveendran to take over firm’s daily operations after CEO Mohan’s resignation
MUST WATCH
Latest Additions
Youth detained for Facebook threat to BJP MLA in Nashik
NE’s integration with rest of India happened under Modi govt: BJP chief Nadda
Congress spokesperson booked for alleged hate speech
BJP files complaint with EC against Sowmya Reddy, others for alleged violation of poll code
Siddaramaiah slams BJP candidate for visiting house of alleged police recruitment scam kingpin