RIYADH, (AFP) – Saudi Arabia said on Saturday that its budget surplus hit 386 billion riyals ($102.9 billion) in 2012 as oil-dominated revenues surged, according to state television.

Revenues were expected to reach 1.24 trillion riyals ($330.4 billion) by the end of the year, while expenditure would be 853 billion riyals ($227.5 billion), Al-Ekhbariyah TV reported, citing the finance ministry.

The kingdom had forecast a budget surplus of 12 billion riyals ($3.2 billion) in 2012, with revenues seen at 702 billion riyals ($187.2 billion) and expenditure rising to 690 billion riyals ($184 billion).