Saudi Arabian state oil producer Aramco on Sunday reported a near four-fold rise in second-quarter net profit, boosted by higher oil prices and a recovery on oil demand.
Aramco said its results were supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.
Oil prices, boosted by output cuts made by OPEC and other oil producers, closed at $70.70 a barrel on Friday and has gained over 35% since the start of the year.
Net profit rose to 95.47 billion riyals ($25.46 billion) for the quarter to June 30 from 24.62 billion riyals a year earlier. Analysts had expected a net profit of $23.2 billion, according to the mean estimate from five analysts.
