Saudi Aramco’ s $161bn profit is largest recorded by an oil and gas firm

Saudi Aramco’ s $161bn profit is largest recorded by an oil and gas firm

Saudi Aramco has reported a record $161bn (£133bn) profit for 2022, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand.

The largely state-owned company’s profits rose by 46% year on year and it made more than the recent bumper results reported by Shell, BP, Exxon and Chevron combined.

“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” said Amin Nasser, the chief executive of Saudi Aramco, which is listed on the Riyadh stock market.