The profit of the world's largest oil company shoots up to 150,000 million, a new record

The Saudi state oil company Aramco, the largest in the world, registered a record net profit of 161,000 million dollars (150,450 million euros) in 2022, 46.5% more than in the previous year, due to the rise in crude oil prices. by the war in Ukraine and the increased demand for oil after the pandemic.

This is the "highest annual earnings" of the Saudi oil company "as a publicly traded company," according to Saudi Aramco in a statement published this Sunday.

“Net profits increased 46.5% to a record $161.1 billion in 2022, compared to $110 billion in 2021,” the note added.

The company attributes the increase in its net income to "stronger crude oil prices, higher volumes sold and better margins for refined products", and assures that it "will continue to strengthen its oil and gas production capacity, as well as its downstream

( refining) to satisfy the demand”.

The executive president of the company, Amin Nasser, assures in the statement that this "record financial performance" in 2022 took place because "oil prices strengthened due to increased demand around the world."

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“We also continue to focus on our long-term strategy, building capacity and skill along the value chain with the aim of addressing energy security and sustainability,” he adds.

According to the statement, the Saudi oil company's capital spending in 2022 was $37.6 billion, an 18% increase from 2021, a figure that Aramco expects to raise to approximately $45 billion and $55 billion in 2023. Free cash reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021.

On the other hand, the Saudi oil company declared a dividend of 19.5 billion for the fourth quarter of 2022, which it will distribute in the first quarter of 2023. “This represents an increase of 4% compared to the previous quarter, in line with the dividend policy of the company that aims to deliver a sustainable and progressive dividend”, he adds.

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