Aramco shares close at near record as profits more than double

Update Aramco shares close at near record as 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
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Updated 20 March 2022
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Aramco shares close at near record as profits more than double

Aramco shares close at near record as profits more than double
  • The oil giant benefited from rising oil prices which continue to soar to date

RIYADH: Saudi Aramco’s shares ended 3.4 percent higher on Sunday after reporting bumper profits and dividends for 2021.

The company’s share price closed the session at SR43.45 ($11.53), compared to 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 $2.31 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 continued to soar to date and traded this year at levels not seen since 2014.