Saudi Aramco quarterly profits nearly quadruple amid recovery in oil and chemical prices

Saudi Arabia’s state-run energy giant, Saudi Aramco, posted net profits of $25.5 billion in the second quarter, the highest since the end of 2018, as the reopening of economies prompted a surge in commodity prices.

The bumper quarterly earnings are reportedly nearly 300% higher than they were in the same period a year ago.

“Our second-quarter results reflect a strong rebound in worldwide energy demand, and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum,” Aramco chief executive Amin Nasser said in a statement.

Earlier this year, the world’s biggest energy company said it had managed to raise $6 billion from its first dollar-denominated Islamic bond sale. It also posted a 30% increase in first-quarter profits.

Saudi Aramco reported a 44.4% slump in net profits in pandemic-hit 2020, when low prices and sharp cuts in production significantly increased its debt.

“I remain extremely positive about the second half of 2021 and beyond,” Nasser said, while admitting the pandemic was “clearly far from over.”

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