Saudi Aramco’s profits soar on higher prices and output

Saudi Aramco’s profits soar on higher prices and output

London, 31 October (Argus) — State-controlled Saudi Aramco earned a profit of 114.09bn riyals ($30.43bn) – an increase of some 158pc on its profit during the same period last year, according to a company announcement on the Tadawul, the Saudi stock exchange.

The company attributed the year-on-year jump in its profits to "the impact of higher crude oil prices and volumes sold, and stronger refining and chemical margins, which were underpinned by rebounding global energy demand and increased economic activity in key markets."

Crude oil production averaged 9.5mn b/d, up 8pc compared to 8.81mn b/d a year earlier. But Aramco's sales revenues of $251.6bn were almost 172pc higher than in Q3 2020, when they came to $146.4bn.