Saudi Aramco generated a net income of $25.5 billion in the second quarter of 2021, beating expectations and boosting the company’s earnings to nearly quadruple its earnings from the same quarter last year.
The income was a 288% increase in net income for the second quarter, and the company maintained its dividend of $18.8 billion.
The earnings beat analysts expectations who forecasted a median net income of $24.7 billion for the quarter.
Amin Nasser.
“Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum,” Aramco president and CEO Amin Nasser said in a company statement published Sunday, as carried by CNBC. “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,” Nasser said.
Aramco said net income for the first half of the year was $47.2 billion, compared to $23.2 billion in the first half of 2020, representing a 103% increase.
Oil prices have gained over 35 percent since the start of the year.
According to the New York Times, Nasser said during an earnings call that global oil demand was expected to hit 99 million barrels a day by the end of the year and 100 million barrels next year. Aramco is still working to increase its own capacity to 13 million barrels day.
