DAMMAM — The Saudi Arabian Oil Company (Saudi Aramco) announced Sunday the Board of Directors’ recommendation to the Extraordinary General Assembly to grant bonus shares to its shareholders via capitalizing $4 billion from the retained earnings. Each shareholder will be granted one bonus share for every ten shares. This comes following its full-year 2021 financial results, reporting that net income more than doubled year-on-year to $110.0 billion. Aramco declared a fourth quarter dividend of $18.8 billion, to be paid in the first quarter of 2022. Aramco’s 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. Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy, which targets value growth for our shareholders. “Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors. But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy. “We recognize that energy security is paramount for billions of people around the world, which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity. “We are also investing in CCS, renewables and low-carbon hydrogen production - supporting the global energy transition and advancing our net-zero ambition.” Aramco 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. Under the recommendation, shareholders would be granted one bonus share for every ten shares owned. As a result, the total dividend for 2021 is $75 billion in cash, in addition to bonus shares. The company aims to maintain a sustainable and progressive dividend, in line with future prospects, underlying growth in free cash flow, and long-term value creation through investments in available opportunities. — SPA