The net income of Saudi Arabia’s state-backed oil company increased 288% to $25.5 billion in the second quarter of 2021, compared to the same quarter of 2020, according to the company's financial results on Sunday.
The company’s net income for the first half of the year was $47.2 billion, representing a 103% increase over the same period in 2020.
According to the announcement, the results were primarily driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating activity in key markets.
'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’s CEO Amin Nasser was quoted as saying in the statement.
'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,' he added.
By Murat Temizer