The Saudi company saw a lower net profit in the first quarter, but the result is still more than three-quarters of the combined first-quarter profits reported by the five oil majors.
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The 46% net income growth in 2022 was due to surging oil prices after Russia invaded Ukraine.
The Arab country launched a strategy to significantly increase the number of manufacturing plants by 2035. Exporting high-tech products is a priority.
Saudi Arabia’s February crude exports reached 7.3 million barrels per day, the biggest volume since April 2020.
