Saudi Aramco reports record-breaking Q2 net profit on high oil prices

By Elydf

RIYADH, Aug. 14 (Xinhua) -- Saudi oil giant Aramco announced on Sunday its second quarter net profit increased by 90 percent year-over-year to 48.4 billion U.S. dollars, setting a new quarterly record for the company since its initial public offering in 2019.

Thanks to increased oil prices, volumes sold, and refining margins, Aramco's half-year net income also reached a new high of 87.9 billion U.S. dollars, up from 47.2 billion U.S. dollars a year earlier, according to financial figures released by the company.

The company said a dividend of 18.8 billion U.S. dollars would be paid in the third quarter, the Saudi Press Agency reported.

Aramco President and CEO Amin H. Nasser said the record second quarter results reflected increasing demand for the company's products.

Despite downward economic pressure on short-term global forecasts, Nasser said the demand for oil was expected to grow for the rest of the decade.

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