DWith the recovery of the global economy and rising oil prices, Saudi Aramco’s profits have increased significantly. The Saudi industrial giant reported on Sunday that it had a surplus of $25.5 billion in the second quarter of 2021. This is almost four times the level of last year: in the second quarter of 2020, the group’s profit was only $6.6 billion.
In the first half of this year, Saudi Aramco reported a surplus of 47.2 billion U.S. dollars, an increase of 103% over the same period last year (approximately 23.2 billion U.S. dollars). Recently, the profit in the first half of 2019 was within this range (US$46.9 billion).
Like its competitors, Saudi Aramco is benefiting from the recovery of the global economy, which has led to soaring oil prices. Oil price It has risen again, demand has resumed, and the group has justified the increase in profits. The vaccination campaign and the relaxation of corona regulations have also contributed to this.
The energy giant looks to the future with confidence: Amin Nassir, president and chairman of the group, stated that it is “very optimistic about the situation in the second half of 2021 and beyond”. “Even though there are still some uncertainties due to the challenges posed by Covid-19 variants, we have proven that we can quickly and effectively adapt to changing market conditions.”
Due to the price war in the oil market, the group’s annual profit in 2020 is 49 billion U.S. dollars. Saudi Aramco also cut investment, spending only US$27 billion. This year’s investment is expected to reach about 35 billion U.S. dollars-although the initial forecast was 4 to 45 billion U.S. dollars.
