Saudi Aramco topped the list of the most profitable companies in the world, with profits exceeding $300 billion over the past 12 months, according to a new global statistic.
The giant Saudi oil company once again overtook Apple and the US oil company ExxonMobil to become the most profitable company in the world, according to a statistic published by World Of Statistics.
And the giant Saudi company revealed that it achieved a record net income of $ 161.1 billion in 2022, which is the largest annual profit ever achieved by an oil and gas company.
High oil prices
And according to the New York Times, in a report last week, with the continued relatively high oil prices, Aramco’s profits remain significantly high, as its profits were almost similar to the quarterly profits reported by “Exxon Mobil” and “Chevron”. And “Shell” and “BP” combined, mainly because they produce huge amounts of oil from the giant fields in Saudi Arabia at a relatively low cost.
According to previous statements by Amin Nasser, CEO of Aramco, this may be the highest net income ever recorded in the corporate world.
The results achieved by Aramco were three times the profits achieved by the major oil company, Exxon Mobil, for the year 2022, supported by higher oil and gas prices over the past year, in addition to higher sales volumes and improved margins for refined products.
Oil and gas prices rose at the beginning of 2022, as Western sanctions against Russia for its invasion of Ukraine restricted access to Moscow’s supplies, especially sea-borne crude oil and oil products.
Follow more: Saudi Aramco achieves the highest profits in the history of oil companies
Breaking into the Asian markets
Aramco is taking steps to break into Asian markets in the long term, through refining and chemicals deals.
Recently, Aramco reached agreements to participate in the development of a large petroleum complex in China as well as to acquire a 10% stake in Rongsheng Petrochemical, another Chinese company, for $3.6 billion.
Aramco said that the two agreements give the company the right to supply a total of 690,000 barrels of oil per day.
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