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Saudi Aramco says annual profit more than doubled in 2021

RIYADH (AFP) – Energy giant Saudi Aramco said yesterday its 2021 net profit soared by more than 120 per cent, due to higher crude prices, as global economic growth recovered from a pandemic induced downturn.

The announcement came hours after Yemen’s Huthi rebels targetted several locations, including Aramco facilities, in cross-border armed drone attacks.

Aramco did not say if the attacks caused damage. “Aramco’s net income increased by 124 per cent to USD110.0 billion in 2021, compared to USD49.0 billion in 2020,” the company said in a statement.

Aramco achieved a net income of USD88.2 billion in 2019 before the coronavirus pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others.

An advert for Aramco in Riyadh. PHOTO: AFP