Saudi Aramco 2021 profit soars on higher oil prices
Net profit rose to $110 billion for the year that ended December 31, from $49 billion a year earlier
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Photo: Reuters
Saudi Arabian state oil giant Aramco 2222.SE on Sunday reported a more than doubling of annual net profit in 2021, boosted by higher energy prices.
Net profit rose to $110 billion for the year that ended December 31, from $49 billion a year earlier.
Analysts had expected a net profit of $106 billion in 2021, according to the mean estimate of analysts in Refinitiv's Eikon.
Brent crude futures LCOc1 ended 2021 up 50.5%, its biggest gain since 2016. Oil prices surged past $100 a barrel last month after Russia invaded Ukraine, which Moscow calls a "special operation."
($1 = 3.7515 riyals)
