Saudi Aramco achieves record profits in 2022

Saudi Aramco achieved net profits in 2022, the highest ever since listing, supported by higher oil prices and increased sales volumes.


the company announced in a statement, Sunday, that the total profits for the year 2022 amounted to 161.1 billion dollars.


This number is considered to be its highest annual profit as a company listed on the financial market.


it achieved an increase of 46.5 percent year on year. Aramco achieved profits of $ 110 billion in 2021.


The company explained that the increase in profits was due to “strong oil prices and large quantities sold


The company announced the distribution of cash dividends of 73.2 billion riyals ($19.5 billion) for the fourth quarter of 2022

It also declared an increase of 4 percent over the third quarter of 2022.


According to the company’s statement, the board also recommended the distribution of bonus shares to qualified shareholders.


The CEO of Saudi Aramco, Amin Al-Nasser, said that global crude oil prices have strengthened in 2022.


He also stressed that the company would continue its long-term strategy that focuses on expanding energy investments.


Al-Nasser added that the risks of lack of global investment in the energy sector “are real and contribute to high prices and market instability.”


He said that Aramco has embarked on the largest investment spending program in its history, as the company’s expenditures on capital projects increased last year by 18 percent, to reach $37.6 billion.


Al-Nasser indicated that Aramco’s focus is not only on expanding the production of oil, gas, and chemicals but also on new technologies for sustainability and carbon reduction.

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