Saudi Arabian oil company Aramco more than doubled its profit in 2021. Aramco’s net income rose 124 percent year-on-year to $110 billion, the company said on Sunday. In 2020, corporate profits plummeted to $49 billion due to the corona pandemic. However, the consolidated result now presented was even higher than the pre-pandemic level.
“Our strong results are a testament to our financial discipline, our flexibility to meet changing market conditions and our consistent focus on our long-term growth strategy,” said Aramco Chairman Amin Nasser. Although economic conditions have “significantly improved,” the outlook remains uncertain “due to various macroeconomic and geopolitical factors.”
Oil prices had rebounded from their 2020 lows after a strong economic rebound last year. Already this year, given Russia’s invasion of Ukraine, they have risen to levels not seen since 2014.