Dubai: Oil giant Saudi Aramco reported on Sunday its profits surged to $161 billion last year off higher crude prices, a record result for an energy firm crucial to the kingdom's economy. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that the profit represented “its highest annual profits as a listed company."
That came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow's oil and natural gas in Western markets. Aramco also hopes to increase its production to take advantage of market demand, raising the billions needed to pay for Crown Prince Mohammed bin Salman's plans to develop futuristic cityscapes to pivot Saudi Arabia away from oil. However, those plans come despite growing international concerns over the burning of fossil fuels accelerating climate change.
“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real - including contributing to higher energy prices," Saudi Aramco CEO and President Amin H. Nasser said in a statement. Profits rose 46.5 per cent when compared to the company's 2021 results of $110 billion.
