Saudi Aramco is the world's most profitable company
-- It was always suspected, and now it’s official. Saudi Aramco is the world’s most profitable company.
Jealously guarded financial data about the kingdom’s prized asset were disclosed to bond investors for the first time on Monday. Aramco’s $111.1 billion profit in 2018 easily dwarfed all other businesses on the planet, a stunning result for a company that also paid the Saudi government $102 billion in taxes last year.
Aramco’s ambition to be the world’s top energy company, not just oil producer, will require more large acquisitions, and the Sabic deal is the right first step, said Stewart Williams, vice president for Middle East & North Africa Upstream at consultancy Wood Mackenzie Ltd. “With its finances there for all to see, many will be now asking what’s next on Aramco’s shopping list.
--With assistance from Javier Blas, Matthew Martin, Anthony DiPaola, Archana Narayanan and Netty Ismail.To contact the editor responsible for this story: Nayla Razzouk at [email protected]
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