Energy

Saudi Aramco posts near 300% leap in Q2 profit on global demand recovery

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Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019.

Maxim Shemetov | Reuters

Saudi state oil giant Aramco reported a stunning 288% increase in net income to $25.5 billion for the second quarter, while maintaining its dividend of $18.8 billion, as big oil benefits from higher prices and a recovery in worldwide demand. 

Aramco’s net income of $25.5 billion for the quarter compares to $6.6 billion in the same quarter of 2020. The result beat expectations, with analysts expecting a median net income of $24.7 billion for the quarter. 

“Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of…



Source cnbc.com

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