Saudi Aramco Announces a 288% Surge in 2Q21 Earnings as Oil Demand Recovers

The Saudi Arabian Oil Company Aramco reported a 288% increase of net profit in 2Q21, driven by higher oil prices and demand recovery.

The Saudi Arabian Oil Company (Aramco), a state-owned petroleum and natural gas company, announced on Sunday a 288-percent increase in its net income in the second quarter of 2021, the Saudi Press Agency reported.


The company’s financial results reveal a net income of 25.5 billion U.S. dollars in the quarter, compared with 6.6 billion dollars a year ago.

Meanwhile, the net income for the first half of this year hit 47.2 billion dollars, up by 103 percent year on year, the report said.


The results were primarily driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating activity in key markets, the company said.


Source: Xinhua

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