Saudi Energy Company Aramco said its profits jumped 90% in the 2nd quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a bonus 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.

Major oil companies had a strong quarter with Exxon Mobil booking an unprecedented $17.85 billion profit while Chevron made a record $11.62 billion.

The U.K.’s Shell shattered its own profit record.

Aramco’s net profits were helped by 2nd quarter earnings ending in June that hit $48.4 billion — a figure higher than all of the 1st six months of 2021, when profits reached just $47 billion. It sets a new quarterly earnings record for Aramco since it 1st floated around 5% of the company on the Saudi stock market in late 2019.

The company credited the jump to higher crude oil prices and volumes sold, as well as higher refining margins. Saudi Arabia’s vast oil reserves are among the cheapest to produce in the world.

Aramco’s finances are crucial to the kingdom’s stability; when its margins are high, Saudi Arabia’s economic growth reflects that. As countries around the world grapple with inflation and recession, the International Monetary Fund projects the Saudi economy will grow by more than 7.6% this year, the highest globally.

Despite years of efforts by Crown Prince Mohammed bin Salman to diversify the economy, and some success in increasing non-oil revenue, Saudi Arabia continues to rely heavily on crude exports that pay for public sector salaries, generous benefits to citizens and defense spending. Aramco’s earnings also help the prince carry out his Vision 2030 infrastructure goals.

The company will pay a dividend of $18.8 billion for the second quarter to shareholders, as it has promised to do since its debut on the stock market.

The higher profits bode well for the Saudi government, which is the main shareholder of Aramco. Aramco is seen as the key to overhauling the Saudi economy. Its proceeds from the IPO were transferred to the country’s sovereign wealth fund to invest in projects to spur new sectors and generate new jobs for Saudi youth.