The Saudi oil company Saudi Aramco has broken its profit record in the second quarter of this year, reaching the figure of 48.4 billion dollars.

This value represents an annual increase of 90 percent and marks the highest profits.

According to Bloomberg, the Saudi giant's figure represents "the largest quarterly profit of any company listed on the stock exchange."

In addition to the record profits, the company announced that it would keep the dividend unchanged, at the level of 18.8 billion dollars.

"As economic uncertainty continues, the events that have taken place during the first half of this year support our view that continued investment in this industry is essential both to help ensure the markets are abundantly supplied and to enable a transition of regular energy.

In fact, we expect that oil demand will continue to grow throughout the rest of the decade, despite downward economic pressures in the short-term global forecast," said Amin Nasser, the company's chief executive.

Our Q2 2022 record-setting performance demonstrates our strategic growth in providing reliability, resilience, and a pathway to a lower upstream carbon futurehttps://t.co/BQL78nrD6X#AramcoResults pic.twitter.com/LwPsVgJfNe

— aramco (@aramco) August 14, 2022

Oil prices were rising even before the war in Ukraine, as economies began to recover from the COVID-19 pandemic and demand outstripped supply.

The world's biggest oil producers, including ExxonMobil, Chevron and BP, have enjoyed huge profits this year, fueling calls for governments to impose additional taxes amid alarmingly rising living costs.

Russia's military occupation of Ukraine has sent oil and gas prices skyrocketing.

/Telegraph/