Saudi Aramco profit soars on higher prices

The net income of Saudi Arabia’s state-backed oil company Aramco increased more than 90% during the second quarter of 2022, driven by higher prices and volumes sold of hydrocarbons and refined and chemicals products, according to the company's financial results on Sunday.

The oil giant said it gained 181.6 billion Saudi riyals ($48.4 billion) in the April-June period of this year, compared to 95.5 billion riyals ($25.5 billion) in the same period of 2021, SIA cites foreign press.

The world's largest oil company attributed the record income rise to higher crude oil prices, volumes sold and higher refining margins.

In the first half of the year, the company recorded an $87.9 billion gain in profit compared to 47.2 billion last year.

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