Saudi Aramco's H1 Net Profit Reaches 54 Trillion Won, More Than Doubles Year-on-Year

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Saudi Arabia's state-owned oil company Aramco reported that its net profit for the first half of this year more than doubled compared to the same period last year. This is seen as evidence of a strong rebound in energy demand as the impact of COVID-19 subsides.

According to CNBC on the 8th (local time), Aramco announced that its net profit for the first half of this year reached $47.2 billion (approximately 54 trillion KRW).

This represents a 103% increase compared to the net profit of $23.3 billion (approximately 26 trillion KRW) during the same period last year when the COVID-19 pandemic began.

In particular, the net profit for the second quarter of this year reached $25.5 billion (approximately 29 trillion KRW), nearly three times higher than last year.

Amin Nasser, CEO of Aramco, stated, "This performance is evidence of a strong rebound in global energy demand," adding, "Although uncertainties remain, such as the spread of COVID-19 variants, we have demonstrated that we can respond quickly and effectively to changing markets."

Aramco's net profit before the pandemic was about 100 trillion KRW in 2019 and about 125 trillion KRW in 2018.

Last year's net profit, affected by the COVID-19 shock on the global economy, was about $49 billion (approximately 56 trillion KRW).

This content was produced with the assistance of AI translation services.