Saudi Aramco’s net income totaled $42.4 billion in Q3 2022, up from $30.4 billion in the same period last year, according to a bourse filing.
This was “primarily driven by higher crude oil prices and volumes sold”.
The company posted a 39-percent jump in Q3 profits year on year, boosted by higher oil prices resulting largely from Russia’s invasion of Ukraine.
CEO Amin Nasser touted the firm’s “strong earnings and record free cash flow” of $45 billion, up from $28.7 billion at this time last year.
“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” he said in a statement.
Read more: IMF sees $1 trillion from oil revenue in the region by 2026
Last Monday, the International Monetary Fund (IMF) said Saudi Arabia’s GDP is expected to expand by 7.6 percent this year.
