Aramco fuels Saudi index as 2021 profit soars

Saudi Arabian stocks ended higher on Sunday after full-year profit from state oil producer Saudi Aramco (2222.SE) more than doubled to beat forecasts while other Gulf markets were mixed.

Saudi Arabia's benchmark index (.TASI) gained 0.8 per cent with Saudi Aramco (2222.SE) advancing 3.4 per cent to 43.25 riyals, valuing it at 8.64 trillion riyals ($2.3 trillion).

The oil giant made $110 billion in net profit in 2021, up from $49 billion a year earlier and ahead of an average analyst estimate of $106 billion, according to Refinitiv Eikon.

The surge in Aramco's share price on Sunday moved its market valuation above that of Microsoft (MSFT.O), though it remains behind Apple (AAPL.O) on $2.68 trillion.

Aramco Chief Executive Amin Nasser told a call about the firm's earnings there had been no impact from attacks on its supply to customers.

Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery but no casualties, the Saudi energy ministry said on Sunday.

In Qatar, the index (.QSI) lost 0.5 per cent, snapping two sessions of gains, hit by a 1.1 per cent fall in the Gulf's largest lender Qatar National Bank (QNBK.QA).