03-12-2023, 05:30 PM
![[Image: f52f69b4-aramco-120323-ap.jpg]](https://media.freemalaysiatoday.com/wp-content/uploads/2023/03/f52f69b4-aramco-120323-ap.jpg)
RIYADH: Saudi Aramco reported today that profits jumped 46% last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world’s biggest crude exporter.
The mostly state-owned energy giant, the world’s second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was US$161.07 billion, up from US$110 billion in 2021.
The increase was “predominantly due to the impact of higher crude oil prices and volumes sold, and stronger refining margins”, it said.
Aramco’s results are consistent with record profits for 2022 reported by the five oil majors – Shell, Chevron, ExxonMobil, BP and TotalEnergies – which surpassed US$150 billion and would have been closer to US$200 billion without costly withdrawals from Russia.
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