Saudi Aramco’s profit more than doubles

Energy giant Saudi Aramco said Sunday its 2021 net profit soared by more than 120 per cent, due to higher crude prices, as global economic growth recovered from a pandemic-induced downturn.

The announcement came hours after Yemen's Huthi rebels -- against whom Saudi Arabia leads a military coalition -- targeted several locations, including Aramco facilities, in cross-border armed drone attacks.

Aramco, Saudi Arabia's cash cow, did not say if the attacks caused damage.

"Aramco's net income increased by 124 per cent to $110.0 billion in 2021, compared to $49.0 billion in 2020," it said.

Aramco achieved a net income of $88.2 billion in 2019 before the pandemic hit global markets, resulting in huge losses for the oil and aviation sectors, among others.