The Saudi oil group Aramco on Sunday announced a 288% increase in net profit in the second quarter of 2021 compared to the same period last year.
The Saudi public company, the world’s largest oil exporter, reported that it posted net income of $25.5 billion, against $6.6 billion in the second quarter of 2020. The result was driven by higher prices and demand.
In the first half of 2021, net income practically doubled compared to the same period in 2020, with 47.2 billion dollars.
Aramco entered the Riyadh Stock Exchange in December 2019.
In light of the covid-19 pandemic and the impact of the health crisis on oil demand and prices, the company’s net profit fell 44.4% in 2020, to 49 billion dollars.
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