Saudi Aramco Q2 profits nearly quadruple compared to 2020 eNCA
Aramco said its net profit rose to $25.5 billion in the second quarter of the year, compared to $6.6 billion in the same quarter of 2020, owing to a stronger oil market and higher refining and chemicals margins, and with the easing of COVID-19 restrictions.
The announcement comes approximately two months after the company said it raised $6 billion from its first dollar-denominated Islamic bond sale, posting earlier this year a 30 percent jump in first quarter profits. The company's debt has climbed as Saudi Arabia was hammered last year by the double whammy of low prices and sharp cuts in production triggered by the coronavirus pandemic.
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