Aramco’s profits soar to £40bn

SAUDI Aramco has posted the biggest profit for any listed company in the world as it cashed in on booming oil prices.

The energy firm, which is over 94pc owned by the Saudi state, reported a record profit of £40bn in the second quarter of the year.

This was almost double the £21bn generated in the same period in 2021 amid rising oil prices and higher sales. After the bumper windfall, Aramco unveiled plans to pay a £15.5bn dividend for the quarter, most of which will be pocketed by the country’s government.

Despite recent pushes to cut back on fossil fuel use around the world, Aramco boss Amin Nasser said the firm expected demand for oil to ‘continue to grow for the rest of the decade’ but stressed that the company was working to increase production from ‘multiple energy sources’ including renewables.

It follows similar figures from other oil giants such as BP and Shell. Brent crude, an international oil price benchmark, has increased by 26pc so far this year to nearly $100 a barrel as the war in Ukraine disrupted energy supplies.