Oil and gas giant Aramco reports ‘strong rebound’
The Saudi Arabian oil company Aramco announced a 288% increase in net income from the same quarter of last year to $25.5 billion (€21 billion) and declaring a dividend of $18.8 billion (€16 billion).
The company’s net income for the first half of the year was $47.2 billion (€40 billion), representing a 103% increase over the same period in 2020.
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.
Aramco President and CEO Amin H. Nasser, said: “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.
“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.
“Our historic $12.4 (€10.5 billion) billion pipeline deal was an endorsement of our long-term business strategy by international investors, representing significant progress in our portfolio optimization program. Our landmark $6 billion (€5 billion) Sukuk reinforced our robust balance sheet, further diversifying our funding sources and expanding our investor base.
“We continue to move forward on a number of strategic programs, which focus on sustainability and low-carbon fuels, maximizing the value of our assets, and advancing our downstream integration and expansion journey. For all these reasons and more, I remain extremely positive about the second half of 2021 and beyond.”
The company’s net income for the first half of the year was $47.2 billion (€40 billion), representing a 103% increase over the same period in 2020.
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.
Aramco President and CEO Amin H. Nasser, said: “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.
“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.
“Our historic $12.4 (€10.5 billion) billion pipeline deal was an endorsement of our long-term business strategy by international investors, representing significant progress in our portfolio optimization program. Our landmark $6 billion (€5 billion) Sukuk reinforced our robust balance sheet, further diversifying our funding sources and expanding our investor base.
“We continue to move forward on a number of strategic programs, which focus on sustainability and low-carbon fuels, maximizing the value of our assets, and advancing our downstream integration and expansion journey. For all these reasons and more, I remain extremely positive about the second half of 2021 and beyond.”
