Highest Annual Profit To Saudi Oil Company

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of 161. 1 billion.

This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of 19. 5 billion, to be paid in the first quarter of 2023.

Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine.

Aramco President CEO Amin H. Nasser said the company delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world. 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.

Although the United States and other Western nations criticised the move, as market dynamics since then have been changed a lot.