Saudi Arabian state oil giant Aramco on Sunday reported a more than doubling of annual net profit in 2021, boosted by higher energy prices.
A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustrationon Sunday reported a more than doubling of annual net profit in 2021, boosted by higher energy prices.
Net profit rose to $110 billion for the year that ended December 31, from $49 billion a year earlier. Analysts had expected a net profit of $106 billion in 2021, according to the mean estimate of analysts in Refinitiv's Eikon. Brent crude futures ended 2021 up 50.5%, its biggest gain since 2016. Oil prices surged past $100 a barrel last month after Russia invaded Ukraine, which Moscow calls a "special operation."Reporting by Saeed Azhar, Hadeel Al Sayegh and Maha El Dahan Editing by Shri NavaratnamSign up to our investor newsletter to get the latest news and trends in global financial markets.Subscribe to our energy newsletter to get the latest news affecting the global energy industry.
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