Saudi energy company Aramco sees profits rise by 90%

Aramco reported a surge in profits (Amr Nabil/AP)

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).

The increase is a boost for the kingdom and the crown prince’s spending power as people around the world pay higher gas prices at the pump while energy companies rake in huge earnings.