Commodities
Aramco's Q2 Profit Surges 33% Amid Hormuz Disruptions
Saudi Aramco's Q2 profit surged by 33% to 125.2 billion Saudi riyals (US$33.4 billion) due to higher oil, refined product, and chemical prices despite regional supply disruptions.
The company maintained export operations at a maximum capacity of 7 million barrels per day through its East-West pipeline, bypassing the Strait of Hormuz.
Aramco President and CEO Amin H. Nasser stated that the company successfully maintained business continuity during the crisis.
The company's gearing ratio increased to 6.2% at the end of June from 4.8% at the end of the first quarter, reflecting changes in its capital structure.