Profits soar to $161bn for ARAMCO
Saudi Arabian Oil Company (Aramco) has recorded its highest annual profits as a listed company for FY 2022 with a net income of $161 billion, up 46.5% over the previous year, while its free cash flow increased to $148.5 billion.
Announcing its results for the 12-month period ended December 31, 2022, Aramco said its results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products, while the company continues to strengthen its oil and gas production capacity, as well as its downstream portfolio, to meet anticipated future demand.
The state oil major also reported record cash flow from operating activities which soared to $186.2 billion from $139.4 billion the previous year.
The capital expenditure too surged by 18% year-on-year, as progress continues on multiple fronts to deliver reliable, affordable and more sustainable energy.