Business

Saudi Aramco’s quarterly profit surges on oil price, volumes

Saudi Arabian state oil producer Aramco said its third-quarter net profit more than doubled, boosted by higher crude oil prices and volumes sold, beating analysts’ forecasts.

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Dubai

The oil giant’s best quarterly earnings since its listing in December 2019 was fuelled by the strongest quarterly average crude prices since its shares began trading. Aramco shares were up 1% in early trade after the company disclosed its results and have risen about 9% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before its initial public offering. Aramco’s net income jumped to $30.4 bn for the quarter to Sept 30 from $11.8 bn a year.

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