Saudi Arabian state oil producer Aramco, on Tuesday, posted a 39 per cent jump in its third-quarter net income that beat analysts’ forecasts, boosted by higher crude oil prices and volumes sold.
Aramco’s net income rose to $42.4 billion for the three months to Sept. 30 from $30.4 billion a year earlier, it said in a regulatory filing.
It was just above the median net profit forecast of $41.7 billion from 16 analysts.
The company’s free cash flow rose to $45 billion from $28.7 billion a year earlier.
It declared a dividend of $18.8 billion in the third quarter, meeting its own target, which will be paid in the fourth quarter.
Aramco joins oil majors Exxon Mobil Corp and Chevron that have reported strong or record-breaking results in recent weeks, benefiting from surging crude and natural gas prices that have boosted inflation around the world and led to fresh calls to further tax the sector.
“While global crude prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” Nasser said.
Aramco’s reported net income while higher year on year, was slightly lower in comparison to its record second quarter.
Royalties and other taxes more than doubled year-on-year in the third quarter to $24.3 billion, from $10.48 billion last year.