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Aramco: Saudi state-owned oil giant sees record profit of $161bn
![Saudi Arabia’s state oil company Aramco on Sunday announced record profits of $161.1 billion for 2022, a year that saw energy prices soar due to the war in Ukraine and increased demand following the Covid-19 pandemic.]()
It represents a 46.5% rise for the state-owned company, compared with last year. Saudi Arabia’s state oil company Aramco on Sunday announced record profits of $161.1 billion for 2022, a year that saw energy prices soar due to the war in Ukraine and increased demand following the Covid-19 pandemic.
Saudi Arabia’s state oil company Aramco on Sunday announced record profits of $161.1 billion for 2022, a year that saw energy prices soar due to the war in Ukraine and increased demand following the Covid-19 pandemic.
Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes.
It represents a 46.5% rise for the state-owned company, compared with last year.
It is the latest energy firm to report record profits, after energy prices spiked following Russia's full-scale invasion of Ukraine in February 2022.
America's ExxonMobil made $55.7bn, and Britain's Shell reported $39.9bn.
Aramco also declared a dividend of $19.5 billion for the October to December quarter of 2022, to be paid in the first quarter of this year.
Most of that dividend amount will go to the Saudi Arabian government, which owns nearly 95% of the shares in the company.
Brent crude oil, the benchmark oil price, now trades at around $82 a barrel - though prices exceeded $120 a barrel in March, after Russia's invasion, and June.
"Aramco rode the wave of high energy prices in 2022," said Robert Mogielnicki of the Arab Gulf States Institute in Washington. "It would have been difficult for Aramco not to perform strongly in 2022."
