The Saudi Arabian Oil Company (Aramco) has reported a net income of $48.4bn for the second quarter (Q2) of 2022, a surge of 90% compared with the $25.5bn reported in the same period a year ago, due to higher crude oil prices and volumes sold.

The surge in profit is also attributed to strong refining margins during the second quarter and higher downstream margins in the first six months of 2022.

The state-controlled company’s free cash flow increased by 53% in Q2 2022, compared with the same period last year, to $34.6bn, driven by higher cash from operating activities.

Cash flow from operating activities for Q2 2022 was $44bn.

For the quarter that ended on 30 June 2022, the company’s revenue surged to SAR562.07bn ($149.6bn) from SAR312.35bn ($83.17bn) a year earlier.

Capital expenditure for Q2 2022 surged by 25% year-on-year to $9.4bn.

Aramco said it continues to invest in growth opportunities, expand its chemicals business, and develop prospects in low-carbon businesses.

Aramco president and CEO Amin H Nasser said: “Our record second-quarter results reflect increasing demand for our products, particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry.

“In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.

“But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources, including oil and gas, as well as renewables, and blue hydrogen.”

The company announced plans to pay $18.8bn in dividends. This is planned to be paid in Q3 2022.

Aramco said it also plans to increase the crude oil maximum sustainable capacity from 12 million barrels per day (Mbpd) to 13Mbpd by 2027.