The financial statements of the Saudi Arabian Oil Company (Saudi Aramco) showed a significant jump in the company's profits during the past year by 124.4%, on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Sunday, profits last year amounted to 412.4 billion riyals, compared to profits in 2020 of 183.76 billion riyals.
The company said in a statement to the stock exchange that the increase in profits during the comparison years is mainly due to the impact of the rise in crude oil prices, the consolidation of SABIC's business results for a full year, and the significant increase in profit margins from Refining and chemical works.
The company's revenues last year amounted to about 1346.93 billion riyals, compared to 768.11 billion riyals in 2020, an increase of 75.4%.
The company's board of directors recommended, in its meeting held the day before yesterday, Friday, the distribution of free bonus shares to shareholders for the past year, by capitalizing 15 billion shares of retained earnings. By granting one share for every ten shares held by the shareholders.
This comes within the company's objectives to maximize total returns to shareholders by distributing sustainable and increased profits in line with future aspirations and growth in free cash flow, and creating higher value in the long run. By investing in the many opportunities available to the company.
