State oil giant Saudi Aramco has reported its highest quarterly profit since the company went public in 2019, boosted by higher oil prices and refining margins, Report informs referring to Reuters.

Aramco joins oil majors such as Exxon Mobil Corp. and BP that have reported strong or record breaking results in recent weeks after Western sanctions against major exporter Russia squeezed an already under-supplied global market causing a surge in crude and natural gas prices.

Net profit increased 90% to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier and compared with a mean estimate from 15 analysts of $46.2 billion.

It declared a second-quarter dividend of $18.8 billion, in line with its own target, to be paid in the third quarter.

Capital expenditure increased by 25% to $9.4 billion in the quarter compared to the same period in 2021.