Saudi Aramco earnings grow 46.4% in 2022 below forecast

Saudi Arabia’s Aramco has announced its financial results for 2022 on Sunday, which saw profits rise by 46.4 percent to reach 604 billion riyals ($161 billion), compared to 412 billion riyals in 2021, below expectations for a 55 percent increase.

Free cash flows rose to 557 billion riyals ($148.5 billion), and capital expenditures also increased by 18 percent year-on-year while continuing to operate in multiple sectors to provide reliable, affordable and more sustainable energy.

The company announced a cash dividend of 73.2 billion riyals ($19.5 billion) for the fourth quarter of 2022, an increase of 4 percent, compared to the third quarter of 2022.