Aramco posts nearly 300% leap in second-quarter profit as oil demand recovers

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Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019.Maxim Shemetov | ReutersSaudi state oil giant Aramco reported a stunning 288% increase in net income to $25.5 billion for the second quarter, while maintaining its dividend of $18.8 billion, as big oil benefits from higher prices and a recovery in worldwide demand. Aramco's net income of $25.5 billion for the quarter compares to $6.6 billion in the same quarter of 2020. The result beat expectations, with analysts expecting a median net income of $24.7 billion for the quarter. "Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum," Aramco president and CEO Amin Nasser said in a company statement published Sunday.Aramco said net income for the first half of the year was $47.2 billion, compared to $23.2 billion in the first half of 2020, represe
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