RIYADH, March 12 (Xinhua) — Saudi Arabian Oil Company (Saudi Aramco) announced on Sunday a record net income of 161.1 billion U.S. dollars for 2022, its highest annual profit as a listed company, the Saudi Press Agency (SPA) reported.

In 2022, Saudi Aramco’s net income saw a 46.5-percent increase compared to that of 2021, which stood at around 110 billion U.S. dollars.The company also declared a fourth-quarter dividend of 19.5 billion dollars, to be paid in the first quarter of 2023, the SPA reported.
   The increase in Saudi Aramco’s net income is mainly driven by higher crude oil prices, higher volumes of sale, and improved margins for refined products, it added.Saudi Aramco, Saudi Arabia’s state-owned oil giant, is one of the largest companies in the world by revenue. The company’s shares started trading on the Tadawul stock exchange, a Saudi stock market, on Dec. 2019.