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Saudi Aramco continues to reap big profits

The Saudi oil giant has been investing in futuristic technology as it benefits from high oil prices.
Aramco exhibition section at the Misk Global Forum on innovation and technology held in the Saudi capital, Riyadh, on Nov. 13, 2019.

Saudi Arabia’s state-owned oil company took in tens of billions of dollars in profit this quarter. 

Aramco said today that its net income for the third quarter of 2022 was $42.4 billion. This was compared to $39.5 billion in the first quarter and $48.4 billion in the second. In the third quarter of 2021, Aramco’s profits were $30.4 billion, according to a press release. 

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