Saudi Aramco net profit surges to SAR 169.5 bln in H1 2021

08/08/2021 Argaam Exclusive

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Saudi Arabian Oil Co.'s (Saudi Aramco) net profit rose to SAR 169.5 billion for the first half of 2021, compared to SAR 88.9 billion in the year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	389,699.00	650,107.00	66.8 %
Gross Income	232,557.00	400,611.00	72.3 %
Operating Income	182,824.00	331,002.00	81.0 %
Net Income	88,902.00	169,492.00	90.7 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.37	0.70	90.7 %

The profit rise was spurred by rising crude oil prices and strong downstream earnings – including inventory movement gains and the consolidation of SABIC’s results, partially offset by a decrease in crude oil sales volumes and higher crude production royalties.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	139,354.00	349,950.00	151.1 %
Gross Income	81,121.00	215,179.00	165.3 %
Operating Income	53,092.00	179,115.00	237.4 %
Net Income	25,370.00	90,902.00	258.3 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.10	0.38	258.3 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	300,157.00	349,950.00	16.6 %
Gross Income	185,432.00	215,179.00	16.0 %
Operating Income	151,887.00	179,115.00	17.9 %
Net Income	78,590.00	90,902.00	15.7 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.32	0.38	15.7 %

In Q2 2021, net profit after Zakat and tax rose more than three times to SAR 95.5 million. The strong performance was primarily driven by higher crude oil prices, improved refining and chemicals margins and the consolidation of SABIC’s results.

When compared to the previous quarter, the second-quarter net profit jumped 17.2% from SAR 81.4 billion.

Shareholders’ equity, after minority interest, reached SAR 1.029 billion by the end of H1 2021, compared to SAR 1.025 billion a year earlier.

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