Aramco shares up past two-week highs on strong earnings

Shares of the Saudi Arabian Oil Company (“Aramco” or “the Company”) rose on Sunday to trade at the highest over a couple of weeks on strong 2021 earnings.

By 11:18 AM KSA, 12 million shares of Aramco have been traded, or 18.8% of all 63.7 million shares traded.

These trades have been executed through 16.05k deals with a volume of SR 517 million.

Aramco stock rose 3.5% or by SR 1.45 to trade at SR 43.30, the highest over two weeks.

Aramco reported today that its net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020. The increase in net income reflects higher crude oil prices, stronger refining and chemicals margins, and the consolidation of SABIC’s full-year results.

The company also declared a dividend of $18.8 billion for the fourth quarter, to be paid in Q1 2022. The Board of Directors also recommended that $4 billion in retained earnings be capitalized and bonus shares be distributed to shareholders, subject to required Extraordinary General Assembly and regulatory approvals.