Saudi Aramco: 90% jump in second quarter profits

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Saudi Aramco reported a 90% jump in second-quarter profit on Sunday, beating analysts’ expectations, boosted by higher oil prices, volumes sold and refining margins.

The company expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures in the near-term global forecast,” Aramco Chief Executive Amin Nasser said in the earnings report, as reported by Reuters.

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Aramco’s net profit rose to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier.

Analysts had expected net profit of $46.2 billion, according to the average estimate of 15 analysts.

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The company announced a dividend of $18.8 billion in the second quarter, in line with its own target, to be paid in the third quarter.

Aramco shares have risen more than 25 percent this year as oil and gas prices have climbed to multi-year highs after Western sanctions against top exporter Russia squeezed an already undersupplied global market.

Aramco joins other major oil companies that have reported strong results in recent weeks.

On July 29, Exxon Mobil Corp reported its biggest quarterly earnings ever, net income of $17.9 billion, nearly four times the year-ago period.

Profit margins for making fuels such as petrol and diesel rose globally, boosting earnings at oil giants including European behemoths Shell and TotalEnergies, which reported results on 27 July.

Source: Capital

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