Aramco unveils SAR 604bn profits in 2022, dividends for Q4-22; capital hike proposed

Aramco unveils SAR 604bn profits in 2022, dividends for Q4-22; capital hike proposed

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) generated SAR 604.01 billion in net profit after Zakat and tax in 2022, higher by 46.46% year-on-year (YoY) than SAR 412.4 billion.

Revenues hit SAR 2 trillion as of 31 December 2022, an annual surge of 49% from SAR 1.34 trillion, according to the annual income statements.

Additionally, the earnings per share (EPS) stood at SAR 2.72 last year, compared to SAR 1.80 in January-December 2021.

Amin Nasser, President and CEO of Aramco, said: “Aramco delivered a 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,” Nasser highlighted.

He noted: “To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending program in its history, and last year our capex rose by 18% to reach $37.60 billion.”

“Our focus is not only on expanding oil, gas, and chemicals production but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions — in our own operations and