Aramco exceeds 105 billion profit in 2021, double the figure of a year earlier

Saudi Aramco recorded an attributable net profit of 105.387 billion dollars (95.351 billion euros) in 2021, representing a 114% improvement over the Saudi state oil company's earnings in the previous year as a result of higher crude oil prices and increased margins in the chemical business, the company reported, which aims to increase its oil and gas production capacity.

The Saudi oil company said it will pay out $75 billion (67.857 billion euros) in dividends, including $18.8 billion (17.009 billion euros) for the fourth-quarter dividend.

Aramco's revenue for the full year reached $400.468 billion (362.331 billion euros), 74.2% higher than the company's revenues a year earlier, while the company's operating costs rose 52% to $194.624 billion (176.090 billion euros).

For the current year, the oil company has substantially increased its capital expenditure forecast, which it estimates to be between $40 billion and $50 billion (36.19 billion and 45.238 billion euros).

In this regard, Aramco announced its intention to boost its maximum sustainable crude oil capacity to 13 million barrels per day (mb/d) by 2027, and potentially increase its gas production by more than 50% by 2030.

In its refining business, the company plans to expand its liquids-to-chemicals capacity by up to 4 mb/d, while it also intends to develop significant hydrogen export capacity and become a world leader in carbon capture and storage (CCS).

"Although economic conditions have improved considerably, the outlook remains uncertain due to a number of macroeconomic and geopolitical factors," said Aramco chairman and CEO Amin H. Nasser.

"Our investment plan aims to take advantage of the growing long-term demand for reliable, affordable and increasingly secure and sustainable energy," he added.