Saudi Aramco Q2 profit soars on higher prices, demand recovery By Reuters

© Reuters. A view exhibits branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

By Hadeel Al Sayegh and Saeed Azhar

DUBAI (Reuters) -Saudi Arabian state oil producer Aramco (SE:) on Sunday reported a close to four-fold rise in second-quarter internet revenue, boosted by greater oil costs and a restoration on oil demand.

Aramco mentioned its outcomes have been supported by the worldwide easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating financial exercise in key markets.

Oil costs, boosted by output cuts made by OPEC and different oil producers, closed at $70.70 a barrel on Friday and has gained over 35% because the begin of the 12 months. [O/R]

Web revenue rose to 95.47 billion riyals ($25.46 billion) for the quarter to June 30 from 24.62 billion riyals a 12 months earlier.

Analysts had anticipated a internet revenue of $23.2 billion, in response to the imply estimate from 5 analysts.

It declared a dividend of $18.8 billion within the second quarter, which can be paid within the third quarter.

“Our second quarter outcomes replicate a robust rebound in worldwide power demand and we’re heading into the second half of 2021 extra resilient and extra versatile, as the worldwide restoration

positive factors momentum,” Aramco CEO Amin Nasser mentioned in a press release.

Aramco raised $6 billion in June with its first U.S. dollar-denominated sukuk sale, that was anticipated to assist fund a big dividend that may principally go to the federal government.

A consortium together with Washington DC-based EIG International Power Companions in June closed a deal to purchase 49% of Aramco’s pipelines enterprise for $12.4 billion.

($1 = 3.7501 riyals)

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