Saudi Aramco posts net profit of SAR 395.2 bln in 2021; Q4 at SAR 116.6 bln

20/03/2022 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported a net profit attributable to shareholders of SAR 395.2 billion in 2021, compared to SAR 184.9 billion a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	862,091.00	1,501,758.00	74.2 %
Gross Income	509,368.00	920,808.00	80.8 %
Operating Income	383,360.00	771,918.00	101.4 %
Net Income	184,926.00	395,203.00	113.7 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.76	1.63	113.7 %

The profit growth was spurred by a rise in crude oil prices, the consolidation of SABIC’s full-year results, and improved margins from refining and chemicals.

In Q4 2021, the oil major reported a net profit of SAR 116.6 billion, compared to SAR 51.75 billion a year earlier.

When compared to the previous quarter, Q4 net profit jumped 6.9% from SAR 109 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	243,798.00	446,269.00	83.0 %
Gross Income	147,432.00	271,963.00	84.5 %
Operating Income	104,490.00	228,110.00	118.3 %
Net Income	51,746.00	116,639.00	125.4 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.21	0.48	125.4 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	405,382.00	446,269.00	10.1 %
Gross Income	248,234.00	271,963.00	9.6 %
Operating Income	212,806.00	228,110.00	7.2 %
Net Income	109,072.00	116,639.00	6.9 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.45	0.48	6.9 %

Shareholders’ equity, after minority interest, increased by 12.3% to SAR 1.113 trillion as of Dec. 31, 2021, compared to SAR 990.85 billion a year earlier.

Saudi Aramco’s consolidated statement of income does not include gross profit, due to the company’s business in prospecting, exploring, drilling and extracting hydrocarbon substances (upstream).

Other income related to sales stood at SAR 154.83 billion in 2021. Accordingly, revenue and other income related to sales amounted to SAR 1.501 trillion.

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