Saudi Aramco posts blowout annual profit and raises dividend

Saudi Aramco posts blowout annual profit and raises dividend

Saudi Aramco unexpectedly increased its dividend and said it would hike spending as it looks to deploy an avalanche of cash generated by last year’s surge in oil and gas prices.

The world’s biggest energy company made net income for the full year of $161 billion, the most since it listed and up 46% from 2021. Its performance was bolstered by Russia’s invasion of Ukraine roiling oil markets and the OPEC+ alliance raising production.

Aramco boosted its dividend — a crucial source of funding for the Saudi Arabian government — to $19.5 billion for the final quarter, up 4% from the previous three-month period.