Saudi Aramco unveils record profits as oil prices soar

Saudi Aramco unveils record profits as oil prices soar

Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring.

Net income leapt 90 percent year-on-year for the world's biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 billion for Q1.

Aramco's massive Q2 windfall was the biggest quarterly adjusted profit of any listed company worldwide, according to Bloomberg.