The oil giant's best quarterly earnings since its listing in December 2019 was fuelled by the strongest quarterly average crude prices since its shares began trading.
Aramco shares were up 1 per cent in early trade after the company disclosed its results and have risen about 9 per cent this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company's initial public offering. Aramco’s net income jumped to $30.4 billion for the quarter to September 30 from $11.8 billion a year earlier, it said in a bourse filing. That was above the median net profit forecast of $28.4 billion from four analysts.
"Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position," Amin Nasser, Aramco's chief executive, said in a statement.
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