Saudi Aramco 2021 earnings soar on rising oil prices

Net profit reached $110 billion for the year ended Dec. 31, up from $49 billion a year earlier.

Analysts had forecast net profit of $106 billion in 2021, according to Refinitiv’s Eikon analyst average estimate.

Brent crude oil futures ended 2021 up 50.5%, its biggest gain since 2016. Oil prices jumped above $100 a barrel last month after the invasion Ukraine by Russia, which Moscow describes as a “special operation.”

($1 = 3.7515 riyals)

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