Saudi Aramco, the global oil giant, has announced strong financial results for the second quarter of 2024, exceeding analyst expectations and achieving record revenue and profits despite challenges in the global energy market.

Aramco’s revenue surged by 5.75% year-on-year to reach 425.7 billion riyals, surpassing forecasts of 421.656 billion riyals. This growth is primarily attributed to higher prices for crude oil, refined products, and chemicals, coupled with increased sales volumes of refined products and chemicals.

However, the company’s net income experienced a slight decline of 3.4% year-on-year, settling at 109.01 billion riyals. This decrease is attributed to lower crude oil sales volumes and weaker refining margins, despite higher crude oil prices and lower taxes.

Aramco affirmed its commitment to expanding its natural gas investments, announcing the awarding of contracts exceeding 93.8 billion riyals to boost gas production by 60% by 2030. The company is also developing the Jafurah unconventional gas field, which is anticipated to commence production in 2025.

Aramco’s strong results demonstrate its resilience and ability to generate substantial profits amidst challenges within the energy sector. Its significant investments in natural gas highlight the company’s clear vision of transitioning toward cleaner and more sustainable energy sources.