Oil giant Saudi Aramco announces record profit of $161B in 2022 – By Elizabeth Pritchett (FOX Business) / Mar 12, 2023
Aramco’s earnings increased 46.5% from the $110 billion the company earned in 2021
Global oil giant Saudi Aramco announced Sunday it earned a record-high profit of $161.1 billion during 2022, attributing its massive jump in earrings to higher crude oil prices.
Officially known as the Saudi Arabian Oil Co., Aramco’s annual report showed its year-on-year net income increased 46.5.% from the $110 billion earned in 2021.
Saudi Aramco CEO and President Amin H. Nasser said in a statement that the record financial performance was due to increased oil demand around the world.
“We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability,” Nasser wrote.
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