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  4. Saudi Aramco profit soars on higher prices and refining margins
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Saudi Aramco profit soars on higher prices and refining margins

By Hadeel Al Sayegh DUBAI (Reuters) -Saudi Arabian state oil producer Aramco (TADAWUL:2222) reported a 90% rise in second-quarter profit on Sunday, beating analyst expectations,...
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Saudi Aramco profit soars on higher prices and refining margins © Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

By Hadeel Al Sayegh

DUBAI (Reuters) -Saudi Arabian state oil producer Aramco (TADAWUL:2222) reported a 90% rise in second-quarter profit on Sunday, beating analyst expectations, boosted by higher oil prices, volumes sold and refining margins.

The company expects "oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts," Aramco chief executive Amin Nasser said in the earnings report.

Aramco's net profit rose to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier.

Analysts had expected a net profit of $46.2 billion, according to the mean estimate from 15 analysts.

It declared a dividend of $18.8 billion in the second quarter, in line with its own target, which will be paid in the third quarter.

Aramco shares have risen over 25% this year as oil and natural gas prices have scaled multi-year highs after Western sanctions against major exporter Russia squeezed an already under-supplied global market.

Aramco joins other oil majors who have reported strong results in recent weeks.

On July 29, Exxon Mobil Corp (NYSE:XOM) posted its biggest quarterly profit ever, a net income of $17.9 billion, an almost four-fold increase over the year earlier period.

Margins for making fuels like gasoline and diesel surged worldwide, boosting the profits of oil giants, including European majors Shell (LON:RDSa) and TotalEnergies, both of which reported results on July 27.

($1 = 3.7540 riyals)

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 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
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 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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