March 13, 2023 (MLN): Saudi Arabian oil company Aramco has reported record-breaking profits of $161.1 billion (£134bn) for 2022, representing a 46.5% YoY increase compared to the previous year.
The state-owned company cited soaring energy prices and increased volumes as key factors in its success.
Aramco's impressive performance reflects a wider trend of energy firms benefiting from higher energy prices following Russia's full-scale invasion of Ukraine in February 2022.
Aramco's record-breaking profits place it among other energy giants, such as America's ExxonMobil, which made $55.7bn in 2022, and Britain's Shell, which reported profits of $39.9bn.
Aramco has also declared a dividend of $19.5bn for the October to December quarter of 2022, which is set to be paid in the first quarter of this year.
The news of Aramco's success highlights the ongoing importance of the energy industry to global economies, particularly in the wake of political and environmental concerns around climate change.
The oil industry is expected to continue to face scrutiny as pressure grows to transition toward cleaner, more sustainable energy sources.
