The state-owned Saudi Aramco, the world's largest oil company by market value, earned 42.8 billion euros -42.4 billion dollars- in the third quarter, 39.5% more compared to the same period last year. It is the second highest benefit in its recent history, since the end of 2019 when it was released to the markets, according to the results presented this Tuesday. So far this year it already earns 131,500 million, almost double.
Everything is due to the increase in crude oil prices. In the year, it sells barrels at an average of 101.70 dollars, 40% above the previous 72.80. According to calculations by the Institute of International Finance, for every 10 dollars that crude oil rises, the company records extra annual income of 40,000 million.
The company took chest for the "solid" accounts. Cash flow reaches a record of 45,400 million. "They reinforce our proven ability to create significant value through lower-cost, lower-emissions-intensive, bottom-up production," said Aramco CEO Amin Nasser. Saudi Arabia's vast oil resources, located near the surface, make it one of the cheapest places in the world to produce crude.
The company will distribute a dividend of 18,960 million euros, in line with its objective. Nasser was confident about the future. Despite transitions to greener energy, "demand for oil will continue to grow for the rest of the decade, given the global need for more affordable and reliable energy," he said. For now it remains one of the most valuable companies on the planet. Its market capitalization exceeds 2 trillion dollars and Apple barely improves it, with 2.4 trillion.
With oil activity, the kingdom finances its turn towards an economy more based on services and tourism, as well as projects such as The Line, a vertical city in the middle of the desert, 500 meters high and 170 kilometers long.
