Earnings

Oil giant Saudi Aramco’s quarterly profit surges 39% on higher prices

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Inside Aramco: CNBC explores the world's biggest energy company

ABU DHABI, United Arab Emirates — State oil giant Saudi Aramco reported a 39% rise in net income for the third quarter year-on-year, on the back of higher crude prices and tightening global supply.

Net income rose to $42.4 billion for the quarter, up from $30.4 billion the previous year and just above expectations. The Saudi company also reported an increase in free cash flow to a record $45 billion from  $28.7 billion one year prior and paid out its second-quarter dividend of $18.8 billion. Its third-quarter dividend of the same amount is due to be paid out in the fourth quarter.

In a statement, Aramco CEO and President Amin Nasser said the earnings and cash flow figures “reinforce…



Source cnbc.com

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