DUBAI: Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists.
The monster profit by the firm, known formally as the Saudi Arabian Oil Co, came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow’s oil and natural gas in Western markets.
Aramco also hopes to increase its production to take advantage of market demand as China reenters the global market after lifting its coronavirus restrictions.
