November 22, 2024 15:13 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi bestowed Dominica's highest award at India-CARICOM Summit | 69-year-old Delhi man, a St. Stephen's alumnus, arrested for conning govt officers by posing as ex-IPS | 'Baseless': Adani Group denies US charges of bribery and fraud against Gautam Adani | AAP's first list of candidates for Delhi polls feature six turncoats | PM Modi is incapable to arrest Gautam Adani: Rahul Gandhi after tycoon charged with bribery and fraud in the US
Saudi Aramco more than doubles profit in 2021: Report
Saudi Aramco
Saudi Aramco headquarters in Dhahran, Eastern Province, Saudi Arabia (Image Credit: wikipedia.org)

Saudi Aramco more than doubles profit in 2021: Report

| @indiablooms | 20 Mar 2022, 10:17 pm

Saudi Arabia's Aramco reported that its annual net profit has more than doubled for 2021 due to higher oil prices, and it aims to significantly increase capital expenditure (capex) this year, media reports said.

The company said its net profit increased to $110 billion from $49 billion the previous year, Moneycontrol reported.

Capex rose 18 percent in 2021 at $31.9 billion and this is likely to increase to $40-50 billion this year per day, and bump up gas production by more than 50 percent by 2030.

“Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors. But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy," CEO Amin Nasser said in a statement.

Aramco announced a $75 billion dividend for 2021, which is in line with its previous commitment. (1 dollar = 3.7515 riyals), the report stated.

Last month, oil prices soared beyond $100 per barrel amid Russia's invasion of Ukraine.

 

 

 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.