Oil giant Saudi Aramco announced today, Sunday, a record annual net profit of $ 161.1 billion for the year 2022, an increase of 46 percent from the previous year, thanks to higher oil prices, increased sales volumes, and improved profit margins for refined products.
The earnings are in line with similar data released in February from BP, Shell, ExxonMobil and Chevron, most of which reported record profits for the past year.
Oil prices fluctuated wildly in 2022, rising on geopolitical concerns in light of the war in Ukraine, before falling due to weak demand from China, the world’s largest oil importer, and fears of an economic downturn.
Aramco announced a cash dividend of $19.5 billion for the fourth quarter of 2022, an increase of four percent from the previous quarter.
The company’s board of directors also recommended the distribution of bonus shares at the rate of one share for every ten shares held by shareholders.
Aramco had been expected to post a net profit of $162.17 billion, according to the median forecast of analysts polled by Refinitiv Eikon.
Prices jumped in March last year as the Russian invasion of Ukraine affected global crude flows, bringing Brent, the international benchmark, to $139.13 a barrel, its highest level since 2008. Prices fell rapidly in the second half of the year following central banks raised interest rates and fueled fears of a possible economic crisis. recession.
