Saudi Arabian oil giant Aramco announced that it had recorded a net profit of $161.1 billion for 2022, a 46 per cent increase from the previous year.
The increase in profits was attributed to higher energy prices, increased volumes sold, and improved margins for refined products.
The profits are nearly triple that of Exxon’s $56 billion and more than that of Google, Amazon, Tesla and Microsoft combined for the same time period.
This announcement comes after similar reports from international peers such as BP, Shell, and Chevron, which have mostly posted record profits for last year. Oil prices in 2022 experienced a wild swing, climbing on geopolitical worries amid the war in Ukraine
