In what has turned out to be a remarkable quarter for oil giants globally, the world’s largest oil company, Saudi Arabia Aramco, has recorded a whooping 300 percent increase in its second quarter revenue.
In the performance data, which was made available to the public over the weekend, the oil giant recorded a net income of $25.5 billion with its evidence staying at $18.8 billion.
This new net income is a massive increase frm its 2020 second quarter performance when it recorded a net income of just $6.6 billion.
Understandably, last year’s performance is not unconnected from unprecedented factors like major lockdowns worldwide amid the peak of the pandemic period.
As a result of this, the remarkable performance of the company in the second quarter of this semester is due to the massive recovery in global oil demand as the economies reopen post the pandemic.
The statement by the company indicated that factors like the easing of COVID-19 restrictions, stimulus measures, vaccination campaigns, and accelerating economic activity were the vital contributors to the boost in its revenue.
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,”the companys President and CEO Amin Nasser said in the statement.
Based on this, the statement indicated that for the first half of 2021, Aramcos net income stood at $47.2 billion. This total net income represents a 100% increase from last year’s figure.
Speaking further in the statement, the President explained that while there is still some uncertainty around the challenges posed by Covid-19 variants, the company’s performance is an indication that it can adapt swiftly and effectively to changing market conditions.
Incidentally, other big players in the oil market have also reported strong earnings. ExxonMobil reported a net income of $4.69 billion in Q2 2021, against a $1.08 billion loss during Q2 2020. Royal Dutch Shell also reported its highest ever quarterly profits in two years.