| 18 May 2024, Saturday |

Saudi Aramco announces full year net profit of $109.9 billion

Saudi Aramco declared a $109.9 billion (412.4 billion riyals) full-year net profit after zakat and tax for 2021, up from $49 billion (183.8 billion riyals) the previous year.

It made $359 billion (1,346.9 billion riyals) in full-year revenue, up from $204.7 billion (768.11 billion riyals) the previous year.

Higher crude oil prices, as well as greater refining and chemicals profits, characterized the year for the energy behemoth.

Aramco anticipates continued expansion till the middle of the decade.

The company’s average hydrocarbon production in 2021 was 12.3 million barrels of oil equivalent per day, with crude oil accounting for 9.2 million barrels per day.

The corporation hopes to carry out its expansion plans in order to boost Saudi Arabia’s reservoirs’ long-term production.

The Ain Dar and Fazran crude oil additions were successfully completed and tied in during the year, and work on the Marjan and Berri increment programs continued.

Despite the problems posed by the COVID-19 epidemic, the company said it provided crude oil and other products with 99.9% reliability.

Aramco is currently focusing on renewable energy and natural-based solutions as areas for investment.

The business has made headway in growing its downstream activities, including the successful start-up of the Jazan refinery, which has a capacity of 400 million barrels per day.

It aspires to become a global leader in carbon capture and storage by developing a major hydrogen export capability.

Aramco also stated that by 2050, it wants to achieve net-zero greenhouse gas emissions across all of its wholly-owned and operated properties.

The corporation intends to increase its liquid-to-chemicals capacity to four million barrels per day.

It also announced a huge extension of its Namaat industrial investment program, which attempts to capitalize on the country’s prospects.

By 2027, the business wants to raise its crude oil maximum sustainable capacity to 13 million barrels per day, and by 2030, it wants to expand gas production by more than 50%.

  • Reuters