High oil prices have led to large profits at Saudi Aramco.
The Saudi state oil company reported a 90% rise in second-quarter earnings on Sunday, beating analysts’ expectations.
In addition to higher oil prices, earnings increased with the help of volumes sold and refining margins.
The company expects “oil demand to continue to grow for the remainder of the decade, despite downward economic pressures on near-term global forecasts,”[ads1]; Aramco CEO Amin Nasser said in the earnings report.
Aramco’s net profit for the quarter rose to $48.39 billion, beating expectations of $46.2 billion, according to the average estimate of 15 analysts.
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It declared a dividend of $18.8 billion in the quarter, which will be paid in the third quarter.
Aramco joins other major oil companies that have reported strong results in recent weeks.
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On July 29, Exxon Mobil Corp posted its biggest quarterly result ever, net income of $17.9 billion.
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Aramco shares have risen more than 25% this year as oil and natural gas prices have risen several years after Western sanctions against major exporter Russia pressured an already undersupplied global market.
Reuters contributed to this report.