Saudi Oil Giant Aramco Reports Record Profit of $161 Billion for 2022

Saudi Arabian Oil Company (Saudi Aramco) has announced a record net income of $161.1 billion for 2022, its highest annual profit as a listed company, state media reported.

Saudi Aramco Services Headquarters
Saudi Aramco Services Headquarters Wikimedia Commons

In 2022, Saudi Aramco's net income saw a 46.5-per cent increase compared to that of 2021, which stood at around $110 billion, Saudi Press Agency (SPA) reported.

The company also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023, the SPA reported.

Saudi Aramco
Saudi Aramco YouTube Grab

The increase in Saudi Aramco's net income is mainly driven by higher crude oil prices, higher volumes of sale, and improved margins for refined products, it added as quoted by Xinhua news agency report.

Saudi Aramco, Saudi Arabia's state-owned oil giant, is one of the largest companies in the world by revenue. The company's shares started trading on the Tadawul stock exchange, a Saudi stock market, on December 2019.