Saudi Aramco FY Profit Up 46.5%

By RTTNews Staff Writer ✉ | Published: 3/12/2023 11:17 AM ET

The Saudi Arabian Oil Company or Aramco reported that its net income for fiscal year 2022 increased by 46.5% to $161.1 billion from last year's $110.0 billion reflecting stronger crude oil prices, higher volumes sold and improved margins for refined products.

Free cash flow was $148.5 billion in 2022, compared to $107.5 billion in 2021.

Aramco declared a dividend of $19.5 billion for the fourth quarter, to be paid in the first quarter 2023. This represents a 4.0% increase compared to the previous quarter.

Additionally, the company's board recommended the distribution of bonus shares to eligible shareholders in the amount of one share for every 10 shares held.

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