Net income rose 90 per cent year-on-year for the world's biggest oil producer, which clocked its second straight quarterly record after announcing US $39.5 billion for Q1.
Aramco is one of the few oil majors to rake in eye-watering sums after ExxonMobil, Chevron, Shell, TotalEnergies and Eni revealed multi-billion dollar profits in the second quarter.
Aramco President and CEO Amin H Nasser said that ongoing investment in the industry is essential despite global market volatility and economic uncertainty.
He said that oil demand will continue to grow for the rest of the decade.
Aramco said that net income rose 22.7 per cent from Q1 in strong market conditions. The half-year profits were US $87.9 billion, up from US $47.2 billion for the same period of 2021.
Aramco will pay a US $18.8bn dividend in Q 3, the same as it paid in Q 2. It is working on increasing the capacity of crude oil from 12 million barrels per day to 13 million by the year 2027, according to its earnings announcement.
The company's analysts forecast of US $46.2 billion beat the quarterly profits, the highest since Aramco's record-breaking IPO.
Aramco shares fell by 1.0 per cent at 40.4 riyals US $10.8 in early trading on the Saudi stock exchange. They are up 25 per cent this year.
State-owned Aramco raised $29.4 billion in the world's largest initial public offering in December, generating 1.7 per cent of its shares on the Saudi bourse.
The crown jewel and leading source of income for the conservative kingdom temporarily replaced Apple as the world's most valuable company in March. It is second in the list with a market value of US $2.4 trillion.
Saudi Arabia has tried to diversify its oil-dependent economy, especially since Mohammed bin Salman's appointment as crown prince and de facto ruler in 2017.
Aramco has pledged to reach zero carbon emissions by the year 2050, despite raising production. Carbon pollution is tallied in the country that uses the fuel, not where it is produced.
Nasser said Aramco recovered quickly from a series of attacks by Yemen's Huthi rebels on its facilities earlier this year, including a dramatic strike in Jeddah that sent smoke billowing during a practice session in March.
We were able to restore our production immediately in all these facilities. In a few weeks, all facilities were working and producing at full capacity, he told a media conference call.
The International Energy Agency said that global oil demand will rise more than previously predicted this year as heatwaves and soaring gas prices prompt countries to switch fuels for power generation.
Oil prices have dropped by US $30 per barrel from a peak in June due to growing supplies, but remain close to US $100.
The OPEC group of oil-producing countries has been increasing production despite pressure from Western leaders including US President Joe Biden, who visited Saudi Arabia last month.
Biden's trip was seen as a climb-down after he previously promised to make Saudi Arabia a pariah over the killing of Washington Post columnist Jamal Khashoggi by Saudi agents in Turkey in 2018.
British Prime Minister Boris Johnson has visited Saudi Arabia since the Russian invasion in February.