Saudi medical aid convoys arrive in Gaza    Over 48 million postal parcels delivered in 4Q 2024    RCRC announces 8 road projects costing over SR8 billion in Riyadh    GCC residents, with tourist or transit visa, can perform Umrah    Sudden deviation tops the causes of traffic accidents in Riyadh    Lendo's $690 million deal with J.P. Morgan: A Game-Changer for Saudi SMEs Osama Alraee on driving SME Growth, Job Creation, and Financial Innovation in Saudi Arabia    Maintenance workers die in fire in Yanbu steam turbine unit    Saudi Minister to visit India for industrial and mining discussions    Saudi Crown Prince receives Syrian President in Riyadh    Israeli forces raid northern West Bank, impose curfew in Tammun and Al-Far'a camp    Canada, Mexico, and China vow retaliation as Trump imposes sweeping tariffs    Ukraine reports 14 killed in Russian missile strike on Poltava    Imavov knocks out Adesanya in second round as Riyadh Season hosts thrilling UFC night    Museum Authority to open second edition of 'Art of the Kingdom' exhibition in Riyadh    Al Ittihad stages dramatic comeback to defeat Al Kholood 4-3 in thriller    Al Hilal returns to winning ways with a dominant 4-0 victory over Al Okhdood    Al Nassr signs Colombian striker Jhon Durán from Aston Villa    Saudi composer Nasser Al-Saleh passes away at 63    Saudi drama icon Mohammed Al-Towayan passes away at 79    Singer and actress Marianne Faithfull dies at 78    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aramco reports net income of $161.1 billion, highest annual profits as a listed company
Published in The Saudi Gazette on 12 - 03 - 2023

Saudi Aramco announced on Sunday its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company.
Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023.
Commenting on the results, Aramco President & CEO Amin H. Nasser, said: "Aramco delivered 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."
"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.
"To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending program in its history, and last year our capex rose by 18.0% to reach $37.6 billion."
"Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions — in our own operations and for end users of our products," he added.
Aramco's net income increased by 46.5% to a record $161.1 billion in 2022, compared to $110.0 billion in 2021.
The increase in net income reflects stronger crude oil prices, higher volumes sold and improved margins for refined products. Q4 2022 net income is in line with analyst estimates, excluding certain non-cash items of around $3.3 billion.
Free cash flow reached a record $148.5 billion in 2022, compared to $107.5 billion in 2021. Aramco continues to emphasize a strong balance sheet and its gearing ratio at the end of 2022 was -7.9%, compared to 12.0% at the end of 2021.
Aramco declared a dividend of $19.5 billion for the fourth quarter, to be paid in Q1 2023. This represents a 4.0% increase compared to the previous quarter, aligned with the company's dividend policy aiming to deliver a sustainable and progressive dividend.
Additionally, the Board of Directors also recommended the distribution of bonus shares to eligible shareholders in the amount of one share for every 10 shares held, subject to required Extraordinary General Assembly and regulatory approvals.
Capital expenditure in 2022 was $37.6 billion, an increase of 18.0% from 2021. Aramco expects 2023 capital expenditure to be approximately $45.0 billion to $55.0 billion including external investments, with capex increasing until around the middle of the decade.
Aramco also completed an energy infrastructure deal in February 2022 resulting in a consortium of investors, led by BlackRock Real Assets and Hassana Investment Company, acquiring a 49% stake in a newly formed subsidiary, Aramco Gas Pipelines Company (AGPC), for $15.5 billion. — SG


Clic here to read the story from its source.