Aramco sees profits climb in Q2 2021 results

Saudi Arabia

RIYADH, August 9, 2021 – Saudi Aramco has seen a surge in profits in the second quarter to USD 25.5 billion, the company reported on Sunday.

The company saw earnings of only USD 6.6 billion in Q2 2020.

Aramco’s net income stood at USD 47.2 billion in H2 2021 with a 103% increase from the same period in 2020.

Backed by solid earnings, the company has allocated USD 35 billion in capex this year.

“The results were primarily driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and accelerating activity in key markets,” the company said.

Saudi Aramco is the world’s largest crude oil exporter.

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