Saudi Aramco’s 2022 net profit jumps to 46% as oil demand rises
Saudi Aramco said on Sunday it achieved “record” profits totalling $161.1 billion last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world’s biggest crude exporter.
The mostly state-owned energy giant, the world’s second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was up 46 percent from $110 billion in 2021.
The results — the strongest since Aramco became a listed company in 2019 — were “predominantly due to the impact of higher crude oil prices and volumes sold, and stronger refining margins,” it said.
