Aramco posts record second-quarter profit on higher oil prices – The National

Aramco posts record second-quarter profit on higher oil prices – The National

Saudi Aramco, the world's largest oil-producing company, said second-quarter net profit surged more than 90 per cent on higher crude prices, volumes sold and higher refining margins.

Net profit after zakat for the three-month period to the end of June increased to $48.4 billion, from about $25.5bn in the year-earlier period, the national oil company of Saudi Arabia said on Sunday, in a regulatory filing to the Tadawul stock exchange, where its shares are traded.

The quarterly earnings are a new record for the company since its initial public offering in 2019. Net income for the second-quarter of this year increased about 23 per cent from the first quarter of 2022.