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Saudi Aramco revealed as world’s most profitable company

Saudi Aramco revealed as world’s most profitable company
The world’s top oil producer, Saudi Aramco, became world’s top company in terms of profits in 2018, comfortably eclipsing the earnings of Apple and other US firms, according to newly published figures by Moody’s and Fitch.

The Saudi state-run oil giant has been keeping its revenues quiet for many years, but their financial secrets were revealed on Monday as the rating agencies published reports on the company’s performance ahead of its debut on the international bond market.

According to Fitch Ratings, Aramco generated a whopping $224 billion last year, before interest, tax, and depreciation. Meanwhile Moody’s said the company’s net income totals $111.1 billion, while its revenue stood at $355.9 billion. Both agencies rated Aramco quite high, giving A+ and A1 respectively.

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“Saudi Aramco has many characteristics of a AAA-rated corporate, with minimal debt relative to cash flows, large scale of production, market leadership and access in Saudi Arabia to one of the world's largest hydrocarbon reserves,” Rehan Akbar, a vice president-senior credit officer at Moody's, said. “These features position it favorably against the strongest oil and gas companies that Moody's rates.”

Thus the leading global oil supplier unseated the previous profit king, Silicon Valley giant Apple, and the net income even surpassed those of Apple, Google and Exxon Mobil combined, according to Bloomberg. Apple now comes in second place with a net income of $59.5 billion, followed by Samsung with $35.1 billion.

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Saudi Arabia’s state-controlled energy giant is planning to issue a bond of at least $10 billion, according to last week’s media reports, with some speculating that the transaction could be even larger. The offering may come this week, the Wall Street Journal reported.

For more stories on economy & finance visit RT's business section

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