Energy giant Saudi Aramco on Sunday reported a 124 percent jump in its 2021 net profit due to higher crude prices, as global economic growth recovers from the pandemic-induced 2020 slowdown.
“Aramco’s net income grew 124% to $110.0 billion in 2021 compared to $49.0 billion in 2020,” Saudi Aramco said in a statement.
Saudi Arabia’s cash cow, Aramco, posted net income of $88.2 billion in 2019 before the coronavirus pandemic hit global markets, resulting in heavy losses to the oil and aviation sectors.
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 crude market volatility caused by Russia’s invasion of Ukraine. increased in
Aramco issued 1.7 percent of its shares on the Saudi exchange in December 2019, generating $29.4 billion in the world’s largest initial public offering.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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