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Saudi Aramco profit soars to $25.5 billion, highest since 2018

Aramco’s finances are regarded as especially strong in a global oil sector that is just beginning to recover from the pandemic recession

Saudi Aramco profit soars to $25.5 billion, highest since 2018

Riyadh, August 9 - Neftegaz.RU. Saudi Aramco profits rose from a year earlier to $25.46 billion in the 2nd quarter as a recovering global economy pushed up oil prices and allowed Saudi Arabia to pump more crude, Arab news anaylsed.

It represents a 288% increase, and was affiliated with higher oil prices and a recovery in global demand, supported by the easing of COVID-19 restrictions, vaccination campaigns, stimulus measures, and accleerating activity in key markets, the oil giant said in a Tadawul filing.

This was slightly above median economist estimate of $24.7 billion:
  • Bank of America predicted $24 billion
  • JPMorgan estimated $23.7 billion
  • while Alrajhi Capital forecast $25.3 billion
The Saudi Aramco CEO Amin Nasser said:
  • Our 2nd quarter results reflect a strong rebound in worldwide energy demand and we are heading into the 2nd half of 2021 more resilient and more flexible, as the global recovery gains momentum
  • While there is still some uncertainty around the challenges posed by COVID-19 variants, we have shown that we can adapt swiftly and effectively to changing market conditions
Saudi Aramco’s dividend yield is roughly 4%, while BP, Chevron and Exxon Mobil all pay above 5%.
The price of a barrel of Brent crude, the international benchmark, has risen about 40% this year and closed at $70.70 on Friday after its biggest weekly decline in 4 months.
The oil giant also benefitted from its strategy to optimize its portfolio, announcing billion dollar deals in recent months.

A. Nasser said:
  • Our historic $12.4 billion pipeline deal was an endorsement of our long-term business strategy by international investors, representing significant progress in our portfolio optimization program
  • Our landmark $6 billion Sukuk reinforced our robust balance sheet, further diversifying our funding sources and expanding our investor base
  • And, once again, we delivered a dividend of $18.8 billion for our shareholders
He said the company will move forward on a number of strategic programs, particularly focusing on sustainability and low-carbon fuels.

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