Saudi Aramco announces full year net profit of $109.9 billion

Saudi Aramco has announced that its full year net profit after zakat and tax for 2021 is $109.9 billion (412.4 billion riyals), compared to $49 billion (183.8 billion riyals) the previous year.

Its full year sales were $359 billion (1,346.9 billion riyals), compared to $204.7 billion (768.11 billion riyals) the previous year.

The year saw higher crude oil prices, as well as stronger refining and chemicals margins for the energy giant.

Aramco expects further growth to continue until around the middle of the decade.

In 2021, the company’s average hydrocarbon production was 12.3 million barrels of oil equivalent per day, including 9.2 million barrels per day of crude oil.

The company expects to execute its growth plans to promote the long-term productivity of Saudi Arabia’s reservoirs.

During the year, Aramco successfully completed and tied in the Ain Dar and Fazran crude oil increments, and construction progress continued on the Marjan and Berri increment programs.

The company delivered crude oil and other products with 99.9 percent reliability, it said, despite the challenges caused by the COVID-19 pandemic.

Aramco is now targeting investment in renewable energy and nature-based solutions.

The company also made progress in expanding its downstream operations, including the successful startup of its 400 million barrel-per-day Jazan refinery.

It intends to develop a significant hydrogen export capability and become a global leader in carbon capture and storage.

Aramco also announced its ambition to achieve net-zero greenhouse gas emissions across its wholly-owned operated assets by 2050.

The company plans to expand its liquids to chemicals capacity to up to four million barrels per day.

It also announced a major expansion of its industrial investment program Namaat, which aims to tap into opportunities available in the country.

The company aims to continue raising its crude oil maximum sustainable capacity to 13 million barrels per day by 2027, and potentially increase gas production by more than 50 percent by 2030.

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