Saudi oil giant, Aramco earned a record-breaking profit of $161 billion (£134bn) in 2022 mainly because of humper increase in oil prices.
The profit of Aramco demonstrates a 46.5% growth on YoY basis when matched with oil conglomerate’s profit in 2021.
Saudi Aramco today said that record high international oil prices and increase in demand in the wake of sanctions on Russia boosted its profit in 2022.
Saudi oil giant Aramco leaves far behind Bill Gates, Jeff Bezos in earning profit. Aramco’s one-year profit is very close to the total wealth of Elon Musk (now $180 billion). Bill Gates holds US$104 billion while Jeff Bezos fortunes is around $114 billion _ far behind $161 billion annual profit of Aramco in 2022.
Aramco’s impressive performance reflects a wider trend of energy firms benefiting from higher energy prices following Russia’s full-scale invasion of Ukraine in February 2022.
In comparison with American ExxonMobil and British Shell company, Saudi Aramco earned much more profit than the combined profit of rival oil giants.
America’s ExxonMobil reported $55.7bn in profit 2022, while Britain’s Shell earned $39.9bn profit last year.
Also, Saudi oil giant declared $19.5bn dividend for the October to December quarter of 2022. The dividend will be paid in the first quarter of 2023.
Analysts said that Saudi Aramco’s big success reflects the ongoing importance of the energy industry to global economies.
The oil industry is expected to continue to face scrutiny as pressure grows to transition toward cleaner, more sustainable energy sources.
Meanwhile, Aramco’s astounding performance indicates a wider trend of energy firms benefiting from soaring energy prices following Russia’s full-scale invasion of Ukraine since February 2022.