Saudi Arabia's state-owned oil company Aramco's second quarter net profit increased by 90% compared to the previous year.
Aramco announced its second quarter net profit of 48.4 billion dollars, about 63.2 trillion won in Korean money.
This is an increase of 89.8% compared to the previous year's net income of $25.5 billion.
Aramco explained that the increase in profits was attributed to the increase in crude oil sales and the rise in refining margins while my oil price was soaring.
This second quarter net profit was the largest since the IPO in 2019, Aramco added.
Net profit for the first half of this year was estimated at $87.9 billion, or about 114.8 trillion won in Korean money.
Net profit in the first half also increased by 86% compared to the same period last year.
Aramco set a dividend amount of 18.8 billion dollars in the second quarter of this year, about 24.5 trillion won in Korean money, and predicted that it would be paid in the third quarter.
Aramco CEO Amin Nasser said: "Uncertainties remain in global markets, but events in the first half of this year demonstrate the need for continued investment in the oil industry."
He also said there are concerns about a recession, but in the long term, he expects oil demand to continue to grow over the next decade.