Saudi Aramco's third-quarter revenue rises to 20.8 billion

Dubai, Ta. 21

Saudi Aramco, the world's largest oil company, saw its third-quarter net income rise to 20.7 billion on rising demand due to rising crude oil prices and a mild epidemic. The company had revenue of 11.5 billion in the same period last year.

At present, the price of crude oil is hovering around ૮૩ 2.50. According to Aramco CEO Amin Nasser, the third quarter results have been good due to increased economic activity. "We hope that the demand for crude will continue to be good in the near future," he added.

Saudi Aramco plans to increase its daily crude output by four million barrels a day from December. Aramco's third-quarter revenue in 2015 was 21.4 billion.

Shares of the company rose marginally by 0.5 per cent after the third quarter results. Shares of the company rose 0.5 per cent to ૯ 2.50 or ૧૦ 10.10 after gaining 0.5 per cent. At the same time, the company's market cap has reached two trillion dollars. Which is slightly less than Apple's market cap.

The company also announced a dividend of ૮ 12.5 billion for the third quarter. The government of Saudi Arabia owns 9% of Aramco.