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.

“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.