In the News
Supernormal Profits - Biggest Oil and Gas Profit in History
Supernormal profits anyone? Saudi Arabian oil giant Aramco have reported a record annual net profit of $161.1 billion (£133.87 billion) for 2022. This is the biggest ever profit recorded by any oil and gas firm in the world. Only a handful of sub-Saharan African countries have an annual GDP bigger than Aramco's profits.
Aramco’s investment spending rose 18% to $37.6 billion in 2022 with more to come this year. Aramco declared a dividend to shareholders of $19.5 billion for the fourth quarter, an increase of 4% from the previous quarter. Aramco, or the Saudi Arabian Oil Company, is a state-owned company in Saudi Arabia.
Yet more billions will be flowing into the Saudi Sovereign Wealth Fund to help finance their ambitious projects both internally and around the world.
Please read: Aramco: Saudi state-owned oil giant sees record profit of $161bn (BBC News)