Saudi oil giant Aramco posted a 33% leap in second-quarter profit, reaching $33.4 billion, boosted by higher crude prices and despite shipping disruptions in the Strait of Hormuz. The company said adjusted net income for the three months to June 30 was $33.4 billion.
Cash flow from operating activities in the quarter totaled $25.4 billion, while free cash flow came to $12.3 billion, held back by a $14.6 billion build-up in working capital. Aramco paid $21.9 billion in base dividends during the quarter. Its gearing ratio — a measure of net debt to equity — stood at 6.2% as of June 30.
For the first half of the year, adjusted net income reached $67.2 billion. Operating cash flow was $56.2 billion and free cash flow $30.9 billion.
Aramco said the results reflect its operational resilience in adapting to regional developments while keeping up strong performance. The company also used pipelines to bypass disruptions in the Strait of Hormuz, according to a report.