(MENAFN) The net profit of Saudi Arabia’s state-backed oil business Aramco went up by over 90 percent
during the April-June 2022 period, due to higher costs and volumes vended of hydrocarbons and refined and chemicals goods, as shown by the firm's economic results on Sunday.
The oil company declared it gained 181.6 billion Saudi riyals (USD48.4 billion) in the second quarter of 2022, against 95.5 billion riyals (USD25.5 billion) in the same mentioned period of last year.
The world's biggest oil firm attributed the high profit increase to higher crude oil costs, volumes vended, and higher refining margins.
"Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry," Aramco’s CEO Amin Nasser was cited as stating.
In the first six months of 2022, the firm registered an USD87.9 billion rise in income against 47.2 billion in 2021.
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