Saudi Arabian Oil Company (Aramco) has reported a net income of $42.4bn for the third quarter of 2022, up nearly 40% compared to $30.4bn a year ago, benefiting from higher crude prices.

The company noted that the net income was partially offset by increased production royalties because of higher sales volume and stronger crude oil prices.

For the quarter that ended on 30 September 2022, revenue and other income related to sales rose to $163.71bn, from $108.1bn in the third quarter of 2021.

The company’s EBIT was $80.48bn for the quarter, marginally up from $80.46bn in the same quarter last year.

Free cash flow and cash flow from operating activities stood at $45bn and $54bn, respectively.

Aramco president and CEO Amin Nasser said: “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.

“Against the backdrop of global underinvestment in our sector, we are extending our long-term oil and gas production capabilities while also working towards our previously stated ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from our wholly-owned operated assets.”

For the third quarter, the firm capital expenditure increased to $9.03bn, from $7.59bn a year ago.

Aramco declared $18.8bn in dividend in the third quarter, which will be paid in the fourth quarter of 2022.

In August this year, Aramco announced that it had agreed to acquire Valvoline Global Products (VGP ) in a deal worth $2.65bn.