Saudi Aramco net profit more than doubles to SAR 278.6 bln in 9M 2021

31/10/2021 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported an over twofold rise in net profit attributable to shareholders to SAR 278.6 billion for the first nine months of 2021, compared to SAR 133.2 billion in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	618,293.00	1,055,489.00	70.7 %
Gross Income	361,936.00	648,845.00	79.3 %
Operating Income	278,870.00	543,808.00	95.0 %
Net Income	133,180.00	278,564.00	109.2 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.55	1.15	109.2 %

The profit surge was fueled by higher crude oil prices, improved margins from refining and chemicals and the consolidation of SABIC’s results.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	228,594.00	405,382.00	77.3 %
Gross Income	129,379.00	248,234.00	91.9 %
Operating Income	96,046.00	212,806.00	121.6 %
Net Income	44,278.00	109,072.00	146.3 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.18	0.45	146.3 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	349,950.00	405,382.00	15.8 %
Gross Income	215,179.00	248,234.00	15.4 %
Operating Income	179,115.00	212,806.00	18.8 %
Net Income	90,902.00	109,072.00	20.0 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.38	0.45	20.0 %

In Q3 2021, net profit after Zakat and tax soared 158% to SAR 109.1 billion from SAR 44.2 billion a year earlier. The profit rise was spurred by higher crude oil prices and sales volumes, along with stronger profit margins from refining and chemicals.

When compared to the previous quarter, Q3 net profit climber 19.5% from SAR 95.5 billion.

Shareholders’ equity, after minority interest, grew by 6.3% to SAR 1.068 trillion as of Sept. 30, 2021, compared to SAR 1.004 trillion a year earlier.

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