The profits of the energy giant Saudi Aramco in the second quarter of 2021 returned to pre-Covid-19 levels, doubling nearly four times compared to the same period last year on the back of high oil prices and demand.

"The second quarter reflects very distinguished results for Saudi Aramco based on the strong recovery in global energy demand," Aramco President and Chief Executive Officer Amin Nasser said.

He added that this "promotes Saudi Aramco's entry into the second half of 2021, which is more flexible and able to adapt in light of the wave of global economic recovery."

The jump in the company's recent profits came after it accumulated debts last year due to the double whammy caused by the significant drop in oil prices and the sharp decline in global demand against the backdrop of the Covid-19 pandemic.

The company said in a statement published by the Saudi Stock Exchange "Tadawul" on its website that its net profit rose to $25.5 in the second quarter of this year, compared to $6.6 billion in the same quarter of 2020, or about 288 percent.

Aramco, the largest oil company in the world, achieved in the second quarter of 2019, before the pandemic swept the world's economies, a net profit of $24.7 billion.

The company attributed the “strong performance” in the second quarter of this year to the rise in crude oil prices, the improvement of profit margins for the refining and chemicals business and the easing of restrictions related to the Covid-19 pandemic.

It achieved $21.7 billion in profits in the first quarter of 2021.

The company also announced the distribution of profits for the second quarter of $18.76 billion, at the beginning of next month, the same amount it distributed for the first quarter.

The major international oil companies, such as the American Exxon Mobil Group, the British-Dutch Royal Dutch Shell Group and the French Total Energy, achieved profits in the second quarter of this year, benefiting from the rise in oil prices with the recovery of global demand.

Crude oil prices, which were between 30 and 40 dollars in the spring of 2020, are gradually rising, and reached a little more than seventy dollars a barrel, thanks to the global recovery with the reopening of major economies and continuous vaccination campaigns.

- Aramco's opening -

Two months ago, Aramco raised $6 billion in its first sale of Sharia-compliant sukuk denominated in US currency.

Aramco had incurred heavy losses in 2020, with its profits declining by 44.4 percent from the profits of the previous year, due to the decline in crude oil prices with the decline in global demand due to the Covid-19 pandemic.

These losses have compounded pressure on ambitious Saudi projects to diversify the economy, which cost billions of dollars.

The earnings announcement Sunday comes less than a month after the Organization of the Petroleum Exporting Countries (OPEC) agreed that the 23-nation “OPEC Plus” alliance would raise production by 400,000 barrels per day every month, starting in August, to help advance economic recovery. The world is moving forward as the epidemic recedes.

The agreement came after a rare public dispute between Saudi Arabia and the UAE over production increases.

Aramco was the "jewel in the crown" of the kingdom, tightly controlled by the government and banned from foreign investment. But with the rise of the country's de facto ruler, Prince Mohammed bin Salman, the kingdom has signaled a willingness to relinquish some control as it seeks to attract foreign investment and diversify its economy.

Under an ambitious plan to attract more investors, Aramco was listed on the Saudi stock market in December 2019 after the world's largest initial public offering, which amounted to $29.4 billion for the sale of 1.7 percent of its shares.

In April, Aramco said it would earn $12.4 billion as part of a deal with a US company related to the use of its network of pipelines.

- Investor interest waning -

In January, the young crown prince announced that there would be proposals to sell more Aramco shares in the coming years. He said that selling shares in the future will be a major way to strengthen the strength of the Public Investment Fund, which is the main driver of efforts to diversify the economy.

Last April, he announced that a discussion was underway with a foreign energy company to sell it one percent of Aramco's shares, without naming the company.

But analysts believe that the interest of international investors in fossil fuels is diminishing by the day. There are also fears of increased attacks on Aramco's oil facilities in the kingdom by Houthi rebels.

The risk of cyber-attacks also raises concerns if Aramco admitted last July that data about the company had been leaked through one of its contractors, but said that it had "no impact" on its operations.

However, the Saudi company confirmed that it "maintained its strong record in the reliability of supplies, as the reliability of delivery of shipments of crude oil and other products in the second quarter of 2021 reached 100 percent."

It also indicated that it is keeping pace with the national vaccination plan against the Corona virus, with 95 percent of its employees and 70 percent of its family members receiving at least one dose by the end of June 2021.