Saudi Aramco profit soars on higher oil prices

Saudi Arabian state oil giant Aramco 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 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)