People stand in front of the logo of Saudi Arabia's oil giant Saudi Aramco on Jan 25, 2016, in the capital Riyadh. (FAYEZ NURELDINE / AFP)

RIYADH - The Saudi Arabian Oil Company (Aramco) announced on Sunday its net income in 2021 rose by 124 percent, reaching $110 billion.

The company said the hike in net income reflects higher crude oil prices and stronger refining and chemicals margins, adding that its free cash flow was $107.5 billion in 2021, compared to $49.1 billion in 2020

The Saudi oil giant also declared a fourth-quarter dividend of $18.8 billion, to be paid in the first quarter of 2022, according to a statement published on its website.

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The company said the hike in net income reflects higher crude oil prices and stronger refining and chemicals margins, adding that its free cash flow was $107.5 billion in 2021, compared to $49.1 billion in 2020.

"Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors," Aramco's president and CEO Amin H. Nasser said.

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The company said it aims to raise the maximum sustainable capacity of crude oil to 13 million barrels per day by 2027 and increase gas production by half by 2030.