Aramco reports net income of $161.1 billion, highest annual profits as a listed company

Aramco reports net income of $161.1 billion, highest annual profits as a listed company

DHAHRAN — Saudi Aramco announced on Sunday its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world. “We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.” “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. “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 18.0% to reach $37.6 billion.” “Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions —