Saudi Aramco posts record annual profits

Saudi Arabia

RIYADH, March 13, 2023 – Saudi Aramco has posted record net annual income of USD 161.1 billion in 2022, the Saudi NOC announced on Sunday.

The company published its 2022 full-year results showing a 46.5% raise in year-on-year earnings from USD 110 billion in 2021.

Strong profits are attributed to high oil prices, higher sold volumes and improved margins for refined products.

Saudi Aramco is also involved in its largest capital spending programme, which saw USD 37.6 billion spent in 2022.

The entity posted expectations of spending between USD 45 billion to USD 55 billion in 2023, with its capex increasing in the middle of the decade.

Sustainable production capacity of oil is expected to be increased from 12 million bpd in 2022 to 13 million bpd by 2027.

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