Saudi Aramco follows big oil competitors as profit surges

The Saudi oil major boosted its profits to USD 25.5 billion in the second quarter, even as global oil demand remains below pre-Covid-19 levels.

Photo: Maxim Shemetov/REUTERS / X90156

Saudi Aramco followed its Big Oil competitors with bumper earnings, boosted by a recovery in oil and chemical prices.

The world's biggest energy company made net income SAR of 95.5 billion (USD 25.5 billion) in the second quarter, the highest level since the end of 2018. Free cash flow rose to USD 22.6 billion, above the state-controlled firm's quarterly dividend of USD 18.8 billion for the first time since the start of the coronavirus pandemic.

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