What do we learn from the much anticipated credit rating report for Saudi Aramco?
that Aramco paid $58.2 billion in dividends to the"Saudi government" in 2018. It is unclear if that number is included in Fitch's calculations for the total percentage of Saudi revenue coming from Aramco. If so, Saudi Arabia's budget revenue is significantly higher.says
Aramco's 2018 net income was $111.1 billion. At the end of 2017, Aramco announced plans to spend $40 billion per year for ten years on capital expenditures. Aramco has the ability to fulfill its $40 billion Capex plans and more. Fitchthat, at the end of 2018 Saudi Aramco had"cash and cash equivalents" of $49 billion. Clearly Aramco is accumulating cash, especially since its income tax rate was lowered.
To be clear, the information available from Fitch's press release is nothing compared to what would be available before an IPO.
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