Saudi Aramco, the worlds largest oil producer, said on Sunday it achieved “record” profits totalling $161.1 billion (about R3 trillion) last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world’s biggest crude exporter.

The mostly state-owned energy giant, the world’s second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was up 46% from $110 billion in 2021.

The results – the strongest since Aramco became a listed company in 2019 – were “predominantly due to the impact of higher crude oil prices and volumes sold, and stronger refining margins,” it said. Aramco’s gains are consistent with record profits for 2022 reported by the five oil majors – Shell, Chevron, ExxonMobil, BP and TotalEnergies – which surpassed $150 billion and would have been closer to $200 billion without costly withdrawals from Russia.