Saudi Aramco reports 46% jump in profits for 2022

Saudi Aramco reports 46% jump in profits for 2022

The world's second most valuable company, behind Apple, said the increase was largely due to the impact of higher crude oil prices and volumes sold

By AFP Published: Sun 12 Mar 2023, 12:24 PM

Saudi Aramco reported on Sunday that profits jumped 46 per cent last year, highlighting how a surge in oil prices after the war in Ukraine spurred growth in the world's biggest crude exporter.

The mostly state-owned energy giant, the world's second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021.

The increase was "predominantly due to the impact of higher crude oil prices and volumes sold, and stronger refining margins," it said.

Aramco's results are consistent with record profits for 2022 reported by the five oil majors – Shell, Chevron, ExxonMobil, BP and TotalEnergies – which surpassed $150 billion and would have been closer to $200 billion without costly withdrawals from Russia.

They also fuelled Saudi Arabia's overall economic growth which officials put at 8.7 percent in 2022, the highest rate in the G20.

The net income figure is nearly double the $88.2 billion the firm pulled in 2019, before the coronavirus pandemic.

"Aramco rode