HomeBanking & FinanceSaudi Aramco annual profits jump 124%, highest since IPO listing
By Economy Middle East
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March 20, 2022 12:18 pm

Saudi Aramco annual profits jump 124%, highest since IPO listing

It announced cash dividends of 70.3 billion riyals  
Saudi Aramco
Saudi Aramco

Saudi Aramco profits for the year 2021 rose by 124.4 percent, the highest level since its inclusion in the Saudi financial market, benefiting from the rise in crude oil prices, the consolidation of SABIC’s business results for a full year, in addition to a significant increase in profit margins from refining and chemicals businesses.

On Sunday, Aramco announced the financial results for the year 2021, revealing net profits reaching 412.4 billion riyals (about $110 billion) last year, compared to 183.76 billion riyals during 2020.

The company revenues rose to 1.3469 trillion riyals, compared to revenues of 768.11 billion riyals during 2020, which represents an increase of 75.356 percent.

Other sales-related income amounted to 154.83 billion riyals, compared to 93.98 billion riyals in 2020.

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The company announced the distribution of cash dividends to shareholders for the fourth quarter of 2021, amounting to 70.3 billion riyals ($18.8 billion).

It added that these dividends will be added to the board’s recommendation to capitalize 15 billion riyals ($4 billion) of retained earnings, and granting one share for every ten shares owned.

It explained that in the event of obtaining regulatory approvals, and subsequently, the company’s extraordinary general assembly would issue and distribute these shares, the total cash dividends for the fiscal year 2021 will be worth 281 billion riyals.

Commenting on these results, Saudi Aramco President and CEO Amin Nasser said that the company’s strong results demonstrate “our firm focus on a long-term growth strategy, which aims to enhance value for our shareholders, while at the same time emphasizing our financial discipline and flexibility in Dealing with changing market conditions.