DUBAI — State oil giant Saudi Aramco 2222, +2.07% said Sunday its 2021 net profit more than doubled to $110 billion, a boon to the Middle East’s largest economy as it seeks to use its hefty profits for investment opportunities domestically and abroad.
The world’s largest oil exporter is benefiting from rapidly rising oil prices and said it raised its spending target this year as demand surges and the impacts from the pandemic recede. Brent crude BRNK22, 2.97%, the global oil benchmark, surged to an average of $70.86 a barrel last year after falling to an average of $41.96 a year earlier. It settled Friday at $107.93 a barrel, down 4.2% for the week. Early this month, oil at times traded above $130 a barrel.
Aramco’s income jumped 124% in 2021 from $49 billion a year earlier, due to higher crude oil prices, stronger refining and chemicals margins and the consolidation of the full-year result of its chemicals business, known as Sabic, the company said. It is the highest net income Aramco has posted since it started trading its shares on the domestic stock exchange.