Saudi Arabian Oil Company (Aramco) says its net income increased by 90 percent to $87.9 billion in the first half (H1) of 2022, compared to $47.2 billion in H1 2021.
The oil company disclosed this in a statement released on Sunday.
According to the financial report, Aramco also posted a net income of $48.4 billion in the second quarter of 2022, compared to $25.5 billion in the corresponding quarter of the previous year.
The company said the surge in profit was driven by higher crude oil prices and volumes sold.
Oil prices have jumped above $100 a barrel due to the Russia-Ukraine war.
It added that the increase reflects strong refining margins during the second quarter and higher downstream margins in the half-year period.
Aramco declared a dividend of $18.8 billion for the second quarter — to be paid in the third quarter of 2022 to shareholders.