Saudi Aramco reported a net income of roughly $47 billion for the first six months this year, double what the oil producer earned in the same period of 2020 when the pandemic grounded travel and crippled worldwide demand for oil.
Saudi Arabia's state oil company disclosed a near four-fold increase in second-quarter net profit, surpassing estimates and lifted by higher oil prices and a recovery in oil demand, Reuters said.
Aramco said the loosening of COVID-19 curbs, immunizations, stimulus measures, and the return of economic activity have boosted results. Crude oil prices have climbed by more than 30% since the beginning of 2021.
According to Aramco chief executive officer Amin Nasser, the company's second-quarter results mirror a robust recovery in global energy demand.
While there's still some level of uncertainty around the challenges posed by coronavirus variants, Aramco has shown it can "adapt quickly and effectively to changing market conditions," the Associated Press quoted Nasser as saying.
Aramco, which is the world's largest oil company, joins other oil majors that have announced strong results in recent weeks.
ExxonMobil reported in July its net income for the second quarter came in at nearly $4.7 billion.
Royal Dutch Shell disclosed its highest quarterly profit in more than two years, with adjusted earnings at $5.54 billion, BBC reported.
Last week, British motoring panel RAC said the United Kingdom's petrol prices were at an eight-year peak after nine consecutive months of rally.
Aramco's financial health is critical to the Kingdom's stability. Despite huge efforts by Crown Prince Mohammed bin Salman to diversify Saudi Arabia's economy, the Kingdom still relies heavily on oil exports to sustain government spending.
Nasser said, during an earnings call, that the world's oil consumption was seen to reach 99 million barrels per day by end of the year and 100 million barrels by 2021.
Aramco said it will keep its commitment to pay out dividends of $18.75 billion for the second quarter as part of the company's pledge to pay $75 billion in yearly dividends, the Associated Press said.
