Saudi Aramco annual profit more than doubled in 2021

Saudi Aramco 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, AFP reported.

“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 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.

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.