Saudi oil giant Aramco posts record $161 billion profit for 2022

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On Sunday, Saudi Arabia’s state-run oil corporation Aramco announced a historic net income of $161.1 billion for 2022, setting a new record for the highest yearly profit ever recorded by an oil and gas enterprise.

Aramco reported a 46.5 percent rise in net income for the year, increasing from $110 billion in 2021 to $161.1 billion in 2022. Furthermore, the company’s free cash flow also surged to a record high of $148.5 billion in 2022, compared to $107.5 billion in the previous year.

“This is probably the highest net income ever recorded in the corporate world,” Aramco CEO Amin Nasser said on a Sunday earnings call, as reported by CNBC.

These outcomes are almost three times higher than the profits declared by ExxonMobil, a prominent oil corporation, in 2022, and were supported by surging oil and gas prices, augmented sales volumes, and better margins for refined products throughout the year.

Written by staff