Saudi Aramco said on Sunday it achieved “record” profits totalling $161.1 billion last year, its highest annual profits as a listed company.

In a statement announcing 2022 results, Aramco said the achievements were “underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products, while the Company continues to strengthen its oil and gas production capacity, as well as its downstream portfolio, to meet anticipated future demand.”

For his part, Aramco President & CEO Amin H. Nasser said the company delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world.

“We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability,” he added.