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Saudi Aramco Q3 profit soars on higher prices, volumes sold -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A view showing branded oil tank at Saudi Aramco Oil Facility in Abqaiq (Saudi Arabia), October 12, 2019. REUTERS/Maxim Shemetov/File Photo

DUBAI, (Reuters) – Saudi Arabian state oil producer Aramco said Sunday that its quarter-end net profit more than doubled due to higher sales and lower prices. Analysts had predicted this.

The quarter ended Sept. 30 saw net income jump to $30.4 Billion, up from $11.8 Billion a year ago.

According to four analysts’ estimates, the median analyst had predicted a net profit in excess of $28.4 trillion.

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