Saudi oil giant Aramco tops own record with $48-billion profit in Q2

The company is using the windfall to reduce debt and invest in a huge expansion of its production capacity, rather than boost payouts to shareholders

Saudi energy company Aramco said Sunday its profits jumped 90 per cent in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion.

The increase is a boon for the kingdom and the crown prince's spending power as people around the world pay higher gas prices at the pump while energy companies rake in top earnings.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.

Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second