The net profit of Saudi Aramco, the world's largest oil company, has reached 604.01 billion Saudi riyals ($161 billion) with an increase of 46.46 percent.
Saudi Aramco's net profit reached 604.01 billion Saudi riyals ($161 billion) due to higher oil prices, higher sales, and higher profits, according to the company's filing with the Saudi Stock Exchange.
According to Arab News, the total net profit of Saudi Aramco in the year 2021 was 412.4 billion Saudi riyals.
According to the Riyadh-based firm, in 2022, the company has an income of 622.63 billion Saudi Riyals, which is 48.15 percent more than in 2021.
Commenting on the financial results, Aramco President and CEO Amin H. Nasser said, "Aramco delivered a record financial performance in 2022, as oil prices increased due to increased global demand."
Along with the increase in profits, Saudi Aramco's board of directors also announced a total cash profit of 73.15 billion Saudi riyals for the fourth quarter of 2022, according to a filing with the Saudi Stock Exchange, also known as Tadawul. Which is four percent more than last quarter.
According to Aramco, cash dividends will be paid to shareholders in the first quarter of 2023, while bonus shares will be given to eligible shareholders.
Aramco's CEO added that the firm's spending rose 18 percent to 141.19 billion Saudi riyals in 2022.