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

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 %

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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