RIYADH: Energy giant Saudi Arabian Oil Co.’s net profit in 2022 soared 46.46 percent year-on-year to SR604.01 billion ($161 billion), driven by higher oil prices, increased volumes sold and improved margins for refined products, according to a bourse filing.  

In 2021, Saudi Aramco’s total net profit was SR412.4 billion.  

The Riyadh-based firm also reported a total comprehensive income of SR622.63 billion in 2022, up 48.15 percent compared to 2021. 

Commenting on the financial results, Aramco President and CEO Amin H Nasser said: “Aramco delivered a record financial performance in 2022, as oil prices strengthened due to increased 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.”  

As the profit soared, Saudi Aramco’s board of directors also announced a total cash dividend of SR73.15 billion for the fourth quarter of 2022, a 4.0 percent increase compared to the previous quarter, according to a statement given to the Saudi Stock Exchange, also known as Tadawul.  

In the statement, Aramco noted that the cash dividends will be paid in the first quarter of 2023, while bonus shares will be given to eligible shareholders.