Observer Report Riyadh
Saudi Aramco’s earnings rose 158 percent year-on-year in the third quarter on higher oil prices and volumes sold as the global economy recovered, it said on Sunday.
Aramco’s net income was $30.4 billion in the third quarter, up from $11.8 billion in Q3 last year, with free cash flow more than doubling to $28.7 billion. Shareholders will receive $18.8 billion in dividends.
“The increase in net income was primarily the result of higher crude oil prices and volumes sold,” the Saudi oil giant said in its earnings statement.
