Saudi Aramco on Tuesday posted a 39 per cent jump in third-quarter profits year on year, the latest financial results boosted by higher oil prices resulting largely from Russia's invasion of Ukraine.
The announcement came as the OPEC+ cartel of oil producers was set to implement production cuts that have drawn the ire of the United States, which says the move -- approved at a meeting last month -- amounts to "aligning with Russia" in the conflict.
The energy giant's net income totalled $42.4 billion -- up from $30.4 billion during the same period last year -- and was "primarily driven by higher crude oil prices and volumes sold", it said in a filing with the Saudi stock exchange.
CEO Amin Nasser touted the firm's "strong earnings and record free cash flow" of $45 billion, up from $28.7 billion at this time last year.
"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 said in a statement.
Aramco is Saudi Arabia's "crown jewel" and primary source of revenue.
It has been well positioned to benefit from energy price spikes, boasting "the lowest cost of production by a huge margin" compared to other oil companies, said Ellen Wald, author of "Saudi Inc.", a history of the company.
That strong performance has led to a banner economic year for Saudi Arabia, driving surpluses that could help finance ambitious plans by Crown Prince Mohammed bin Salman to open up the kingdom and diversify its oil-reliant economy.
On Monday, Saudi Arabia reported a preliminary estimate of 8.6 per cent economic growth in the third quarter of 2022 compared to the same period last year, "mainly due to the increase in oil activities".
The International Monetary Fund has said Saudi Arabia's GDP is expected to expand by 7.6 per cent this year.