Saudi Aramco announced, on Sunday, that it achieved a record profit of 48.4 billion dollars in the second quarter of 2022, an increase of 90.2 percent compared to the same period last year, thanks to the rise in oil prices against the backdrop of the war in Ukraine.

The company said in a statement that it achieved an increase in its quarterly net income by 90.2%, "from 95.5 billion riyals ($25.5 billion) in the second quarter of 2021 to 181.16 billion riyals ($48.4 billion). ) in the second quarter of 2022”, and attributed this to “the rise in crude oil prices, the increase in the quantities sold, and the high profit margins of the refining sector.”

Commenting on these results, the President of Saudi Aramco, Engineer Amin Al-Nasser, said, "Our record results for the second quarter reflect the increased demand for our products, especially as we are a low-cost supplier and among the least carbon-intensive in exploration and production work in the energy sector."

He added, "We expect the demand for oil to continue to grow for the rest of the current decade, despite negative economic pressures on the global outlook in the short term."

However, Nasser said that "climate goals remain so important" that Aramco is working to "increase production from various energy sources, including crude oil and gas, renewables, and blue hydrogen."

Quarterly profit, the highest since Aramco's initial public offering in late 2019, beat analysts' expectations of $46.2 billion. Aramco's share price reached 40.8 riyals ($10.86) before the opening of the Saudi Stock Exchange, on Sunday.

Aramco shares are up more than 25 percent this year as oil and natural gas prices hit multi-year highs after Western sanctions against main exporter Russia put pressure on an already tight global market.

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