Saudi Aramco has become the world’s most profitable company in the fourth and final quarter of 2021, beating tech giants such as Google, Amazon and Apple, as well as other listed energy companies such as ExxonMobil and Shell.
Thanks to the recent increase in oil prices, the Dhahran-based company reported on Sunday that its net income in the third quarter increased by 158 percent from a year ago to SR114 billion ($30.4 billion), compared to $11.8 billion a year ago, with a jump in it sales by 80 percent to SR359 billion ($96 billion).
Aramco president and CEO Amin Nasser, said in a statement: “Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position, our financial discipline and our proven ability to reliably deliver essential energy and chemical products to our customers.
“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future,” he added.
But as per our knowledge at Mumbai Multimedia Studio and the author worked 9 straight years in several Saudi Aramco facilities around in KSA states "that this achievement wouldn't sustain for long . World is witnessing clear decline in fuel (in all shapes) consumption and moving towards electromotives etc ... It's derive new strategies Middle East empires. 40% of an oil barrel is used to produce petrol ( it isn’t the only derivative of oil). The remaining 60 percent will be likely used to produce the plastic in your electromotive car and other industrial chemicals which is divert to Sadara chemical Company recently but prior it was using SABIC and subsidiaries entities - even some semi government companies exist which handle the same production".