Saudi Arabian national petroleum and natural gas company, Saudi Aramco, has made $111.1 billion in profit for FY 2018. This is according to data provided to credit rating agencies.
It is pertinent to note that this is the first time since the 1970s, the Saudi oil firm is divulging its finances to the public.
How Saudi Aramco’s finances are being interpreted
The official figures that represent Saudi Aramco’s financial performance, confirm that the state-run oil giant is the world’s most profitable company in 2018; making more money than Apple and Alphabet combined.
Nairametrics understands that Apple (AAPL), the world’s most profitable public company, made $59.4 billion in 2018. But this is just a little over half of Saudi Aramco‘s profit.
ExxonMobil (XOM), the largest US oil company, made $20.8 billion, while Royal Dutch Shell (RDSA), the largest publicly traded oil company, made $23.4 billion.
Why Saudi Aramco’s finances were disclosed
The company’s disclosed figures were essential to its commitment to buy control of a Saudi chemical company, Sabic, for $69 billion through a bond offering.
The bond sale, being pitched to investors in a global roadshow, has forced Aramco to reveal secrets held close since the company’s nationalisation in the late 1970s.
About Saudi Aramco
Saudi Aramco operates as an integrated energy and chemicals company in Saudi Arabia.
The company engages in the exploration, production, refining, distribution, shipping, and marketing of hydrocarbons; production of petrochemical products; and production and export of crude oil and natural gas liquids.
Saudi Aramco was formerly known as Arabian American Oil Company and changed its name to Saudi Aramco on November 8, 1988.
The company was founded in 1933 and is based in Dhahran, Saudi Arabia. It has its subsidiaries in Saudi Arabia, China, Egypt, Japan, India, the Netherlands, the Republic of Korea, Singapore, the United Kingdom, and the United States.