RIYADH: Energy giant Saudi Aramco Sunday posted a 124 percent 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.
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Aramco, Saudi Arabia’s cash cow, achieved a net income of $88.2 billion in 2019 before the coronavirus 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 Houthi 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.
Aramco floated 1.7 percent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world’s biggest initial public offering.
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