Saudi state-owned oil giant sees record profit of $161bn

It comes as energy prices spiked following Russia’s full-scale invasion of Ukraine in February 2022

Saudi oil giant Aramco has announced record profits of $161billion (£133 billion) for 2022, equivalent to £134billion, after soaring energy prices and bigger volumes.

The increase represents a 46.5 per cent rise on last year for energy firm Aramco.

Aramco also declared a dividend of $19.5bn (£16 billion) for the October to December quarter of 2022, most of which will go to the Saudi government in the first quarter of this year, which owns nearly 95 per cent of the shares in the company.