Saudi Aramco posts 160% rise in third quarter profit, CEO calls for 'stable' energy transition
Aramco reported a 160% surge in third quarter net income to $30.4 billion, free cash flow jumps 131% as the oil giant capitalizes on market recovery.
“Recent energy disruptions around the world are evidence of the need for a stable and inclusive energy transition,” Aramco Chairman Yasir Al-Rumayyan tells CNBC.Maxim Shemetov | Reuters The result beat expectations, with analysts expecting a median net income of $29.1 billion for the quarter. Aramco reported net income of $11.8 billion in the third quarter of 2020.
"Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future," Nasser added.
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