Riyadh: Saudi Arabia’s Aramco, the world’s largest oil company, recorded $30.4 billion in net income in the third quarter (Q3) of the year on Sunday after oil prices and demand rose with the waning of the COVID-19 pandemic.
The company said in a statement on its website that Saudi Aramco’s net income amounted to 114.1 billion Saudi riyals ($30.4 billion) in the third quarter of this year, compared to 44.2 billion Saudi riyals ($11.8 billion) in the third quarter from 2020.
“Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position,” Amin Nasser, Aramco’s chief executive, said in a statement.
Net income refers to the amount left after paying taxes and preferred dividends.
During the year 2021, Aramco achieved profits of $25.5 billion in the second quarter, and $21.7 billion in the first quarter.
On October 24, 2021, Saudi Arabia, the largest exporter of crude oil in the world and one of the largest polluters, announced its intention to achieve carbon neutrality by 2060.