Riyadh: Global oil giant Saudi Aramco announced on Sunday that it has made a record profit of $161.1 billion in 2022. High crude oil prices are the reason behind the huge jump.
A surge in oil prices following Russia’s invasion of Ukraine fueled growth in the world’s biggest crude oil exporter. Aramco said in a filing to the Saudi stock market that it expects net income to rise 46 percent in 2022 from $110 billion in 2021.
Aramco, officially known as the Saudi Arabian Oil Company, reported an annual revenue increase of 46.5 percent from $110 billion in 2021. In a statement, Saudi Aramco CEO and President Amin H. Nasser attributed the record economic gains to increased worldwide oil demand.
“We continue to focus our long-term strategy on building capacity and capability across the value chain with the aim of addressing energy security and sustainability,” Nasser said in a statement.
Nasser said the company would spend $37.6 billion to expand production capacity following launching the largest capital expenditure program in Aramco’s history.
