Saudi Aramco's result drops by 12%. It is still the world's richest company

admin August 12, 2019

11 1 minute read

Saudi Aramco's result drops by 12%. It is still the world's richest company

The rare economic disclosure coincides with renewed interest in a potential public offering from Saudi Arabia's state oil producer, strengthening its status as the world's most profitable company. Apple ( AAPL ) by comparison, generated a profit of $ 31.5 billion in the first six months of the fiscal year.

The Saudi company said it produced an average of 10 million barrels of crude oil per day, delivering "almost 100% supply according to our customers' requirements for oil and refined products." It attributed the smaller surplus to lower oil prices.

Saudi Arabia wants to buy tons of US natural gas

Aramco has been more public about its finances recently as Saudi officials are considering whether to list shares in the company in order to finance projects that could wean the economy off its dependence on oil.

An IPO scheduled for 2018 was never realized. Lack of transparency about the size of the country's energy reserves had caused skepticism about the potential sale and value of Aramco.

But plans for an IPO as early as next year are now accelerating after a positive investor reaction to a bond sale in April, according to the Wall Street Journal.

The huge company shared its revenue publicly for the first time in April. It reported $ 111 billion in annual net revenues for 2018 on revenue of $ 356 billion.

Saudi Arabia's huge energy reserves have also been independently audited, totaling 268.5 billion barrels.

Aramco will hold its first revenue call later on Monday.

Source link