Saudi Arabian Oil Company (Aramco) has reported a net income of $30.4bn in the third quarter of 2021, up from $11.8bn in the same period last year.

The company attributed the surge of 158.1% in net income to the higher crude oil prices, stronger refining and chemicals margins, and increase volumes sold.

The company’s EBIT stood at $57.26bn for the quarter ended 30 September 2021 against $25.46bn in the same quarter a year ago.

Revenue for the quarter jumped to $95.75bn from $53.34bn in the third quarter of 2020.

The company’s free cash flow rose to $28.7bn from $12.4bn over the period.

Aramco president and CEO Amin H Nasser said: “Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future.

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“Looking ahead, we are maintaining our strategy to invest for the long term, and we will build on our track record of low-cost and low-carbon intensity performance to advance our recently announced ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly owned operated assets by 2050.”

Saudi Arabia’s majority state-owned oil giant’s capital expenditure totalled $7.6bn in the third quarter, an increase of 19% compared to $6.83bn last year.

The firm said it plans to invest approximately $35bn this year, compared to $26.9bn in 2020.

In Q3 2021, Aramco reported average total hydrocarbon production of 12.9 million barrels per day of oil equivalent.