Saudi Aramco Q2 profit driven by strong energy demand, positive on H2 results: CEO

Saudi Aramco President and CEO Amin Nasser

Saudi Arabian Oil Co. (Saudi Aramco) reported a robust profit for the second quarter of 2021, spurred by a strong rebound in international energy demand, said President and Chief Executive Officer (CEO) Amin Nasser.

“We are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum,” he said in a statement today, Aug. 8.

Despite this, some issues are still unclear as regards the challenges imposed by COVID-19, the CEO said, noting, “We have shown that we can adapt swiftly and effectively to changing market conditions.”

The CEO stressed that Saudi Aramco will move forward on a number of strategic programs, which focus on sustainability, low-carbon fuels, maximizing the value of assets, advancing downstream integration and expansion journey.

“For all these reasons and more, I remain extremely positive about the second half of 2021 and beyond,” he added.

The giant oil producer posted 103% growth in net profit after Zakat and tax to SAR 176.9 billion for the first half of 2021, compared to SAR 87.1 billion in the year-earlier period, according to data compiled by Argaam.