23 Hrs
Source:
الاقتصادية
Aramco takes 40% profit share in Q2
Saudi Aramco achieved net profits of $33.4 billion in the second quarter of the year, accounting for 40% of the profits of major energy companies worldwide, despite regional tensions and the blockade of the Strait of Hormuz. Its adjusted profits increased by 33%, driven by a surge in prices that rose by 62% to $108.1 per barrel, along with the company's focus on high production capacity of 7 million barrels per day, as well as the benefits of rising oil prices and increased demand for its sales. Despite the rise in profits, growth was lower than that of most major energy companies due to the impact of regional tensions on oil supplies. Nevertheless, the company's profits exceeded expectations, increasing by 42% to 121.5 billion riyals.
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