Saudi Arabia’s state oil firm, Aramco, has disclosed that its third quarter profit has received significant boost due to higher crude oil prices as well as recovery in demand as the coronavirus pandemic eases.

The oil giant said its income jumped to $30.4 billion for the third quarter, up from $11.8 billion a year earlier.

Aramco’s net profit jumped by 9% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader, Crown Prince Mohammed bin Salman before the company’s initial public offering.

Aramco’s Chief Executive, Amin Nasser, said that the third quarter performance was a result of increased economic activity in key markets, a rebound in energy position, as well as unique low-cost operation of the company.

The sequential earnings growth was mainly driven by the upstream segment, with a 12% quarterly improvement in crude oil volumes at 9.6 million barrels per day and rising oil price.

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