Saudi Aramco posts net income of $68 bln for nine months

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Saudi Aramco reported a net income of $68 billion for the nine months ended September 30, the company said in a statement on Sunday.

The results come as Saudi Aramco announced its intention to proceed with an initial public offering on the Saudi stock market of Tadawul.

The company will float 2 percent on the Saudi market as part of its first phase in going public, according to Al Arabiya sources.

The company's revenues and other income related to sales stood at $244 billion for the same period, Saudi Aramco said.

Capital expenditure during the period stood at $23 billion, while free cash flow was $59 billion, it said.

The company reported a profit of $111.1 billion for 2018 and $46.9 billion for the first half of 2019.

Saudi Aramco also said it does not expect the September 14 attacks "to have a material impact on its business, financial condition or results of operation."

Attacks on two key oil installations in Saudi Arabia knocked off five percent of the global crude supply, which has since been restored by the world’s largest oil exporter.

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