Saudi Aramco reports profits of $161 billion in 2022, sets new record

Robert Besser
14 Mar 2023, 22:45 GMT+10

Oil giant Saudi Aramco has announced 2022 earnings totaling $161 billion, the highest-ever annual profit by a publicly listed company
The record profit was due to rising energy prices after Russia invaded Ukraine in February 2022, and subsequent sanctions that limited the sale of Russian oil and natural gas to Western countries
However, high energy prices have driven global inflation and strained relations between Riyadh and Washington

RIYADH, Saudi Arabia: Oil giant Saudi Aramco has announced 2022 earnings totaling $161 billion, the highest-ever annual profit by a publicly listed company, which immediately drew criticism from activists.

The record profit was due to rising energy prices after Russia invaded Ukraine in February 2022, and subsequent sanctions that limited the sale of Russian oil and natural gas to Western countries.

As China is re-entering the global market after the end of its coronavirus restrictions, Aramco also plans to increase production to take advantage of market demand.

However, high energy prices have driven global inflation and strained relations between Riyadh and Washington.

In a statement, Saudi Aramco CEO and President Amin H. Nasser said, "Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real, including contributing to higher energy prices."

Compared to its 2021 profits of $110 billion, Saudi Aramco's profits rose 46.5 percent in 2022.

Aramco also declared a dividend of $19.5 billion for the fourth quarter of 2022, which will be paid in the first quarter of 2023.

Aramco's results mirror the 2022 profits announced by other energy giants, such as BP, Exxon Mobil and Shell, but the Saudi company's $161 billion profit overshadowed its own previous results.

Like China and Russia, Saudi Arabia has pledged to have net-zero carbon emissions by 2060, but it has not confirmed how it will reach that goal.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.

More Information

26 ℃

Mostly Cloudy in Seletar

International Business

Section

Adidas launches newest running shoes costing $500

LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...

Pakistan notifies hike in LPG price by PKR 20 per kg, domestic cylinder price touches PKR 3079

Islamabad [Pakistan], September 30 (ANI): Dealing a further blow to the people already saddled with mounting inflation, Pakistan's Oil and ...

Pakistan: PIA service hit as five aircraft with no engines grounded

Islamabad [Pakistan], September 30 (ANI): Flight services of the Pakistan International Airlines' (PIA) were disrupted after five three Boing 777 ...

RBI extends deadline to exchange Rs 2,000 banknotes till October 7

Mumbai (Maharashtra) [India], September 30 (ANI): The Reserve Bank of India (RBI) has announced an extension of the deadline for ...

IMF Executive Board approves USD 1.3 bn for Morocco under Resilience and Sustainability Facility Arrangement

Washington DC [US], September 30 (ANI/WAM): The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) ...

World Bank approves USD 365 mn for advancing girls, women empowerment in Western, Central Africa

Washington DC [US], September 30 (ANI/WAM): The World Bank Board of Directors today approved USD 365 million in International Development ...

Construction

Section