Saudi Aramco has reaped the rewards of higher oil prices, having pulled in more than $30bn in net income in its third quarter.
The earnings have surged an eyewatering 158 per cent – its highest income since listing on the Saudi stock exchange in 2019 – in comparison with the same period last year, when it posted a $11.8bn profit.
“The increase in net income was primarily the result of higher crude oil prices and volumes sold,” Aramco said in a statement.
The oil giant’s free cash flow has also more than doubled to $28.7bn, while shareholders are kept happy with a some $18.8bn payday.
Aramco boss Amin Nasser said: “Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position.
“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future.”
The lofty earnings follow the industry titan’s net zero emissions by 2050 pledge last week.