Saudi Aramco has made huge profits due to the rise in crude oil prices.
The Saudi state oil company reported a 90% jump in second-quarter profit on Sunday, beating analyst expectations.
Apart from higher oil prices, earnings rose with the help of sales volumes and refining margins.
“Despite economic pressures under short-term global forecasts, oil demand will continue to grow for the rest of the decade,” the company said. Aramco CEO Amin Nasser As stated in the revenue statement.
Aramco’s net profit Revenue rose to $48.39 billion for the quarter, up from $46.2 billion, according to the average estimate of 15 analysts.
Saudi oil major Aramco’s first-quarter profit jumps 80%
It also announced a dividend of $18.8 billion in the quarter, which will be paid in the third quarter.
Aramco is merging with other oil companies have reported strong results in recent weeks.
ARAMCO profits hit $110 billion as Saudis seek to expand investments
On July 29, Exxon Mobil Corp posted its biggest ever quarterly profit, with net income of $17.9 billion.
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Aramco shares are up 25% this year Oil and natural gas prices Western sanctions against key exporter Russia hit a multi-year high after squeezing an already undersupplied global market.
Reuters contributed to this report.