Saudi Aramco
Saudi Aramco more than doubles profit in 2021: Report
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.
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