Saudi Aramco announces full year net profit of $109.9 billion

Saudi Aramco announces full year net profit of $109.9 billion

Saudi Aramco has announced that its full year net profit after zakat and tax for 2021 is $109.9 billion (412.4 billion riyals), compared to $49 billion (183.8 billion riyals) the previous year.

For the latest headlines, follow our Google News channel online or via the app.

Its full year sales were $359 billion (1,346.9 billion riyals), compared to $204.7 billion (768.11 billion riyals) the previous year.

The year saw higher crude oil prices, as well as stronger refining and chemicals margins for the energy giant.

Aramco expects further growth to continue until around the middle of the decade.

In 2021, the company’s average hydrocarbon production was 12.3 million barrels of oil equivalent per day, including 9.2 million barrels per day of crude oil.

The company expects to execute its growth plans to promote the long-term productivity of Saudi Arabia’s reservoirs.

During the year, Aramco successfully completed and tied in the Ain Dar and Fazran crude oil increments, and construction progress continued on the Marjan and Berri increment programs.

The company delivered crude oil and other products with 99.9 percent reliability, it said, despite the challenges caused by the COVID-19 pandemic.

Aramco is now targeting investment in renewable energy and nature-based solutions.

The company also made progress in expanding its downstream