Saudi energy company Aramco has revealed that profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly 88 billion dollars (£76bn).

Oil giant Saudi Aramco has said its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and soaring prices following Russia’s invasion of Ukraine.

Saudi Arabia has reaped the benefits of a spike in oil prices after the coronavirus pandemic crashed prices at one point into negative territory, but it also sees the growing worldwide concern over climate change being fuelled by burning fossil fuels

Saudi Arabia’s oil-producing company, Aramco, has announced a net income of around 47 billion US dollars (£33.

Saudi Aramco’s profits soared by 30% for the first quarter of the year, riding on the back of higher crude oil prices. The company’s financial results show a net income of 21.

Saudi Aramco’s net income plunged by nearly 50% in 2020, according to figures.

Saudi Aramco’s net income plunged by 50% in the first half of the year, according to figures, offering a revealing glimpse into the impact of the coronavirus pandemic on one of the world’s biggest oil producers.

Saudi Arabia, the world’s biggest crude exporter, is considering selling a stake in its state-owned company, which controls more than a 10th of the global oil market.