Saudi Aramco’s Annual Profit Grows By 124% In 2021

Energy giant Saudi Aramco on Sunday posted a 124 per cent jump in 2021 net profit due to higher crude prices, as global economic growth recovered from the pandemic induced 2020 downturn.

“Aramco’s net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020,” the company said in a statement.

Aramco, Saudi Arabia’s cash cow, achieved a net income of $88.2 billion in 2019 before the pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others.

The announcement on Sunday came hours after Yemen’s Huthi rebels — against whom the kingdom is leading a military coalition — targeted an oil facility in southern Saudi Arabia and at a time of increased crude market volatility due to Russia’s invasion of Ukraine.

AFP