Saudi Aramco's 2022 Profits Surge 46%

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Cindy Mutia Annur 16/03/2023 10:35 WIB

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Saudi Aramco reported a profit of USD 161.1 billion (approximately Rp 2,478 trillion) in 2022.

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Saudi Aramco's 2022 Profits Surge 46%

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Saudi Aramco Net Income (2018-2022)

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Saudi Aramco, the oil company, reported a profit of USD 161.1 billion, or approximately Rp 2,478 trillion, in 2022 (using an exchange rate of Rp 15,381 per USD).

This achievement nearly equals Indonesia's state revenue of Rp 2,626.4 trillion during the same period.

In 2022, the net profit of the Saudi Arabian state-owned oil company increased by approximately 46% year-on-year (YoY), marking a record high in the last five years, as shown in the graph.

Saudi Aramco's substantial profit in 2022 was driven by soaring global energy prices and increased sales volume.

The increase in oil prices last year occurred amidst the Russia-Ukraine geopolitical conflict, although prices temporarily dipped due to weakening demand from major importers, namely China, and concerns about global economic contraction.

"We anticipate that oil and gas will remain important in the future, and thus the risk of underinvestment in our industry is real and could contribute to higher energy prices," said Aramco CEO Amin Nasser, as quoted by Reuters on Monday (March 13, 2023).

To address these challenges, Nasser continued, the company is currently investing in new low-carbon technologies for further emissions reduction.

Nasser also stated that Saudi Aramco's plan to increase crude oil production capacity to 13 million barrels per day (bpd) by 2027 is on track.

Saudi Aramco's capital expenditure increased by 18% (YoY) to USD 37.6 billion in 2022. The company expects this year's expenditure to reach between USD 45 billion and USD 55 billion, including external investments.

Saudi Aramco also announced a dividend of USD 19.5 billion in Q4 2022, a 4% increase from the previous quarter.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."