ENERGY giant Saudi Aramco posted a 124% jump in net profit last year due to higher crude oil prices, as the global economic growth recovers from the pandemic-induced downturn in 2020.

“Aramco’s net income increased by 124% to US$110 billion (RM461 billion) in 2021, compared with US$49 billion in 2020,” said the company in a statement.

Aramco, Saudi Arabia’s cash cow, achieved a net income of US$88.2 billion in 2019 before the coronavirus pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others.

Today’s announcement comes hours after Yemen’s Huthi rebels – against whom the kingdom is leading a military coalition – targeted an oil facility in a southern part of the kingdom and at a time of increased crude market volatility due to Russia’s invasion of Ukraine.

Aramco floated 1.7% of its shares on the Saudi bourse in December 2019, generating US$29.4 billion in the biggest initial public offering in the world. – AFP, March 20, 2022.