Saudi Aramco's earnings surge on higher oil output and prices

With fuel price tailwind coming from the world's gradual post-Covid-19 recovery and associated rebound in economic activity, the Saudi state-owned oil giant reports doubling its earnings against the same time last year.

Photo: Amr Nabil/AP/Ritzau Scanpix

Saudi Aramco’s shares rose to a record after the oil giant’s earnings more than doubled from a year ago.

Third-quarter net profit climbed to SAR 114 billion (USD 326.21bn), beating analysts’ estimates slightly, as crude prices and the company’s production increased. Free cash flow was USD 28.7 billion, easily covering the quarterly dividend of USD 18.8 billion.

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