Gains in oil prices and the increase in oil production have resulted in the rise of Saudi Aramco earnings to a quarterly dividend of $18.75 billion with free cash flow, Bloomberg reported.
The world’s biggest crude producer profits in Q3 soared to 114.1 billion riyals ($30.4 billion) compared to 44.2 billion riyals a year ago, which is better than the company-compiled estimate of $29.1 billion.
These gains were made possible by the push of the global economic recovery which triggered crude prices to rebound by about 65% this year to more than $80 a barrel.
All these factors bolstered the Saudi state oil giant's position in the takeover of the prized position of the world’s most valuable company from Apple Inc.
It's worth noting that Saudi Aramco has been neck and neck with Apple for the title of the world's most valuable company since the start of the year.
