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  • Aramco shares nearing record levels as 2021 profits more than double

Aramco shares nearing record levels as 2021 profits more than double

The market cap of the oil giant — which holds the second largest market value globally after tech major Apple Inc. — approached $2.32 trillion. Shutterstock
The market cap of the oil giant — which holds the second largest market value globally after tech major Apple Inc. — approached $2.32 trillion. Shutterstock
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20 Mar 2022 12:03:49 GMT9
20 Mar 2022 12:03:49 GMT9
  • The oil giant benefited from rising oil prices which continue to soar to date

Salma Wael

RIYADH: Saudi Aramco’s shares surged almost 4 percent in early Sunday trading after reporting bumper profits and earnings for 2021.

The company’s share price hit SR43.45 ($11.58) at 10:45 a.m. Saudi time, up from the previous close of SR41.85.

With the latest share hike, the market cap of the oil giant — which holds the second largest market value globally after tech major Apple Inc. — approached $2.32 trillion.

Earlier, profits of what was said to be “the most profitable oil company in the world” hit SR412 billion, compared to SR183 billion a year earlier, Aramco revealed in a bourse filing.

While the company kept annual dividends unchanged from a year earlier at $75 billion, it said it will grant bonus shares valued at $4 billion to shareholders.

The oil giant benefited from rising oil prices which continue to soar to date and traded this year at levels not seen since 2014.

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