WASHINGTON (dpa-AFX) - State-run Saudi Arabian Oil Co. or Saudi Aramco (2222.SR) reported Tuesday significant profit growth in its third quarter as revenues were benefited by higher prices of refined and chemical products and crude oil, despite weak volume.
In the third quarter, net income climbed to $36.252 billion from last year's $26.937 billion.
Adjusted net income grew 9 percent to $31.198 billion from prior year's $28.581 billion, benefited by operational excellence, rapid restoration capabilities, flexibility, and resilience, the company noted.
Revenue and other income related to sales climbed to $140.492 billion from $111.509 billion last year.
The increase in revenue was mainly driven by higher prices of refined and chemical products and crude oil, partially offset by lower volumes sold of crude oil and refined and chemical products.
Average realized crude oil price grew to $95.2/bbl from last year's $70.1/bbl.
Further, the Board declared third-quarter base dividend of $21.9 billion, up 3.5 percent year-on-year, to be paid in the fourth quarter.
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