The Saudi Arabian Oil Company (Aramco) announced on Sunday that its net profit increased by 124% in 2021, reaching US$110 billion.
The Saudi oil giant also declared an $18.8 billion dividend for the fourth quarter of 2021, which will be paid in the first quarter of 2022, according to a statement posted on its website.
The company said the rise in net profit reflected higher crude oil prices and stronger refining and chemical margins. It added that its free cash flow was $107.5 billion in 2021, down from $49.1 billion in 2020.
“Although economic conditions have improved significantly, the outlook remains uncertain due to various macro-economic and geopolitical factors,” said Aramco CEO Amin H. Nasser.
The company said it wants to increase its maximum crude oil production capacity to 13 million barrels per day by 2027, and increase its gas production by half by 2030.
