Saudi Aramco Earned $ 111 Billion In 2018, Standing As Profitable Company – Market News Store

Saudi Aramco Earned $ 111 Billion In 2018, Standing As Profitable Company

Saudi Aramco is by far the most profitable company in the world, according to financial data revealed by the oil giant in Saudi Arabia.

According to the data, the company earned $ 111 Billion in 2018. For comparison, Apple earned $59.53 Billion in 2018. Saudi Aramco also made capital than Exxon Mobil, JP Morgan Chase, Facebook, and Google-Parent Alphabet. Together, these companies reported almost $ 106 billion in 2018, according to FactSet.

Saudi Aramco has released its financial information in a prospectus for a $10 Billion sale of securities, of which the company plans to finance a nearly $70 Billion stake in the Saudi petrochemical company.

Despite Aramco’s huge profits, the company did not get the highest credit rating from agencies such as Moody’s, as strong dependence on the country’s economy could hurt society. Companies such as Exxon Mobil and Chevron have higher ratings than Aaa and Aa2 and, upper than Aramco.

“Credit ratings with the Saudi are important and lead to Aramco’s rating being limited to that of the government,” said Rehan Akbar, Moody’s senior credit officer. “Although Aramco is clearly managed as a commercially autonomous company, the government’s financial plan is highly dependent on its contributions in the form of taxes, royalties, and dividends.

In addition, In terms of volume, Saudi Aramco is the largest oil producer. It production figure for liquids and hydrocarbon was 11.6 Million and 13.6 Million barrels per day by average respectively. This output is way ahead of the upstream output of regional and global integrated oil producers such as Total, ADNOC, BP, and Shell, according to Fitch. The company also stated that it would acquire around 70% stake of SABIC (Saudi Basic Industries Corp) from the wealth fund of the kingdom. The deal is valued to be of $69.1 Billion, one of the largest deals in the chemical industry around the globe.

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