Saudi oil giant Aramco's net income in 2021 rose by 124%

The Saudi Aramco announced that its net income in 2021 rose by 124 per cent, reaching $110 billion.

The Saudi oil giant also declared a fourth-quarter dividend of $18.8 billion, to be paid in the first quarter of 2022, Xinhua news agency quoted a statement published on its website.

The company said the hike in net income reflects higher crude oil prices and stronger refining and chemicals margins, adding that its free cash flow was $107.5 billion in 2021, compared to $49.1 billion in 2020.

"Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors," Aramco's president and CEO Amin H. Nasser said.

The company said it aims to raise the maximum sustainable capacity of crude oil to 13 million barrels per day by 2027 and increase gas production by half by 2030.