Saudi Aramco records $110 billion net income in 2021

Saudi Aramco records $110 billion net income in 2021.

DAMMAM, TGO: The Saudi Arabian Oil Company (Saudi Aramco) has announced its full-year 2021 financial results, reporting that its net income saw increased to US$110 billion in 2021, compared to US$49 billion in 2020. The increase in net income reflects higher crude oil prices, stronger refining and chemicals margins, and the consolidation of SABIC’s full-year results.

In a statement carried today by the Saudi Press Agency (SPA), Aramco also declared a fourth quarter dividend of US$18.8 billion, to be paid in the first quarter of 2022.

Aramco declared a dividend of US$18.8 billion for the fourth quarter, to be paid in Q1 2022. The Board of Directors also recommended that US$4 billion in retained earnings be capitalized and bonus shares be distributed to shareholders, subject to required Extraordinary General Assembly and regulatory approvals. Under the recommendation, shareholders would be granted one bonus share for every ten shares owned. As a result, the total dividend for 2021 is US$75 billion in cash, in addition to bonus shares.