The world's largest oil company, Saudi Arabia's Aramco announced on Sunday that its net income in the third quarter 2021 increased to $30.4 billion, which is 158% more than in the same period 2020.

"The increase in net income was primarily the result of higher crude oil prices and volumes sold and stronger refining and chemicals margins in Q3, which were underpinned by rebounding global energy demand and increased economic activity in key markets," Aramco stated.

The company also said that free cash flow rose to $28.7 billion in the third quarter 2021. Aramco declared a dividend of $18.8 billion to be paid to its shareholders.

(With inputs from ANI)