Aramco Profit Jumps 44%

DhahranAramco’s quarterly profit rose 44%.

Net income hit $32.7 billion as Iran’s closure of the Strait of Hormuz pushed crude to $108 a barrel — the disruption taxes importers but prices into the barrel as revenue for producers with intact export routes.

Aramco pays most of the profit to the Saudi state budget as the kingdom’s dividend.

Sources: جريدة الأهرام, Bloomberg Business, The New Arab, The National