Saudi Aramco profit surges to another record on bumper oil market

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.

Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Profit beat a company compiled analyst estimate of $46.2 billion. Revenue climbed 80 per cent to $150 billion, beating analyst estimates. Its free cash flow rose by 53 per cent from a year earlier to $34.6 billion.

Aramco “expects oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts” Chief Executive Officer Amin Nasser said.