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 Sierra Leone Times.

More Information

27 ℃

Mostly Cloudy in Seletar

Business

Section

Ford EVs will lose $3 billion pretax in 2023, says officials

DETROIT, Michigan: In a briefing for investors and analysts this week, Ford Motor Co. reported that while its electric vehicle ...

Hundreds of workers to be fired at Walmart's US fulfillment centers

BENTON, Arkansas: Reuters reported that due to a reduction or elimination in evening and weekend shifts, Walmart will lay off ...

Russian car buyers slowly learning to buy Chinese cars

MOSCOW, Russia: As western automakers have left Russia since the start of the Ukraine war, the Chinese have rushed in ...

Tottering Virgin space business receives $200 million from investor

LONDON, England: Reuters has reported that struggling Virgin Orbit, owned by billionaire Richard Branson, is nearing a $200-million investment deal ...

EV charger plants slowing down due to 'Made In America' rules

NEW YORK CITY, New York: To comply with the requirements of the "Made in America" laws, a $7.5 billion federal ...

Financing official: expect more banks to close

LONDON, England: During a Bloomberg conference held in London this week, Luke Ellis, CEO of hedge fund Man Group, said ...

Africa

Section