Saudi Aramco Posts 39% Jump in Third-quarter Profits

Saudi Aramco Posts 39% Jump in Third-quarter Profits

Saudi Aramco on Tuesday posted a 39-percent jump in third-quarter profits year on year, the latest financial results boosted by higher oil prices and volumes sold.

The energy giant's net income totaled $42.4 billion -- up from $30.4 billion during the same period last year -- and was "primarily driven by higher crude oil prices and volumes sold", it said in a filing with the Saudi stock exchange.

CEO Amin Nasser touted the firm's "strong earnings and record free cash flow" of $45 billion, up from $28.7 billion at this time last year.

"While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world's need for more affordable and reliable energy," he said in a statement.

Aramco is Saudi Arabia's "crown jewel" and primary source of revenue.

Its strong performance has led to a banner economic year for Saudi Arabia, driving surpluses that could help finance plans to open up the kingdom and diversify its oil-reliant economy.

On Monday, Saudi Arabia reported a preliminary estimate of 8.6 percent economic growth in the third quarter of 2022 compared to the same period last year,