Aramco refinery at Ras Tannura, Saudi Arabia in 1990InternationalIndiaAfricaMOSCOW (Sputnik) – Saudi state oil and gas giant Aramco made a record net profit of $161.1 billion in 2022, up 46.5% year-on-year, the company said on Sunday. “The Saudi Arabian Oil Company (‘Aramco’ or ‘the Company’) today announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company,” the company said in a statement. The record net income was underpinned by stronger crude oil prices in 2022, increased sales volumes and improved margins in the oil refining sector, the company added. Aramco’s free cash flow hit a record $148.5 billion in 2022, up 38% from 2021, the statement read. The company also announced a $19.5 billion fourth-quarter dividend due in the first quarter of 2023, which represents a 4.0% increase compared to the previous quarter. Aramco’s capital expenditure rose 18% year-on-year in 2022, to $37.6 billion. The company expects 2023 capital expenditure to be in the range from $45-55 billion including external investments. The company’s average daily hydrocarbon production in 2022 was 13.6 million barrels of oil equivalent, including 11.5 million barrels per day of total liquids, the statement added. Aramco was founded in 1933, with its headquarters located in Dhahran. The company controls almost all oil production facilities in Saudi Arabia.