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Saudi Aramco dazzles the world with a net profit of SR 176.9 Bn in 2021 Q1

Aramco dazzles the world with a net profit of SR 176.9 Bn in 2021 Q1

Saudi Arabia continues its very large reduction of crude oil during the first half of this year 2021, to achieve balance and sustainability for the international petroleum market and support the recovery of the global economy.

However, the largest independent producer and exporter of crude oil, natural gas, and integrated energy in the world, the Saudi Arabian Oil Company, “Saudi Aramco”, has once again dazzled the world with the largest returns and profits in announcing its financial results for the second quarter of 2021, which it described as “outstanding” net income amounted to 95.5 billion Saudi riyals (25.5 billion US dollars), an increase of 288% compared to the second quarter of last year, which is close to the average of the majority of analyzes of critics, experts, banks, advisory banks, international and independent rating and credit agencies.

The firm declared a dividend of 70.3 billion Saudi riyals ($18.8 billion), with a net income of 176.9 billion Saudi riyals ($47.2 billion) for the first half of the year, up 103 percent over the same time in 2020.

The rise in oil prices and recovery in global demand, ascribed to the behemoth, is largely attributable to the loosening of limitations to combat the Coronavirus globally, the execution of large-scale vaccination programs, the use of stimulus techniques, and the acceleration of activity in important markets.

Aramco’s financial situation was further bolstered by the unusual issue of Sukuk worth 22.5 billion riyals (US$6 billion), which diversified its sources of funding and extended its investor base. “Thanks to God, we were able to deliver a return to our shareholders of 70.3 billion Saudi riyals ($18.8 billion).

Saudi Aramco is making progress on some strategic initiatives, including sustainability, low-carbon fuels, maximizing the value of its assets via optimal investment of its potential, and supporting the national and global integration and growth of our refining and chemicals businesses.

“All of these and other factors make the company’s executives enthusiastic about the second half of 2021 and beyond, in terms of prospects,” the company’s leaders said at the time.

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