Saudi Arabia: Saudi Aramco’s profit has surged 39 percent in the third quarter of 2022, surpassing the average of analysts’ forecasts.

The oil giant was expected to post SR152 billion in net income, according to Bloomberg data, versus Al Rajhi Capital's projection of 154 billion.

Profits of the most profitable oil company in the world hit SR159 billion ($42 billion) after revenue soared 51 percent to SR544 billion, according to a bourse filing.

The crude producer said the results were primarily driven by higher crude oil prices and volumes sold.

Also, it was partly offset by a higher average effective royalty rate, due to stronger crude oil prices and increased sales volume, which resulted in an increase in production royalties.

“Aramco’s strong earnings and record free cash flow in the third quarter reinforce our proven ability to generate significant value through our low cost, lower-carbon intensity Upstream production and strategically integrated Upstream and Downstream businesses” said CEO, Amin Nasser, commenting on the results.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” he added.

Further to the solid results, Aramco maintained stable quarterly dividends at SR70.3 billion, representing a per-share payout of SR0.3198 to be paid on Nov. 28.

Capital expenditure during the quarter grew from $7.6 billion to $9 billion as Aramco continued to invest and capture growth opportunities.

In terms of half-year performance, Aramco outperformed with an 68 percent profit surge to SR489 billion from SR291 billion a year earlier.

The Saudi-listed company increased its revenue to SR1.57 trillion, compared to SR944 billion in the first nine months of 2021.