Saudi Aramco Q3 profits soar 158% on higher oil prices

Saudi Aramco’s earnings rose 158 per cent year-on-year in the third quarter on higher oil prices and volumes sold as the global economy recovered, it said on Sunday.

Aramco’s profits surge comes as world leaders prepare for the UN’s COP26 climate summit starting in Glasgow later on Sunday, a key meeting in the battle against global warming.

Aramco’s net income was $30.4 billion in the third quarter, up from $11.8 billion in Q3 last year, with free cash flow more than doubling to $28.7 billion. Shareholders will receive $18.8 billion in dividends.

The profits are the biggest since Aramco listed on the Saudi stock exchange in December 2019, before suffering a 44.4 per cent slump in 2020.