Saudi Aramco becomes world’s most profitable company in Q3

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 .
With these results, Aramco has made its biggest profit since it was put on the stock market in December 2019, defeating technological hulks like Google , Amazon and Apple .
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.