Move over Apple and Amazon. Saudi Aramco, the oil giant from KSA, has recently revealed in 2018 net earnings to be #111.1 billion—the highest in the world by a long shot. The revelation has made them the world’s most profitable company so far.
For comparison, 2018 net income of Apple was $59.5 billion and that of Royal Dutch Shell’s was $23.9 billion. The data was made public as Saudi Aramco prepares to borrow $15 billion through a bond sale. This signals the strategy to raise capital for the company as well as the country, as KSA seeks to diversify away from its dependence on oil. The amount will go towards financing the company’s buy out from the state, for $69 billion.
The revelation also shows that the world’s largest oil field, Ghawar, still has 58 billion barrels in reserve and is capable of producing nearly 4 million barrels a day. However, the country has 4 more oil fields that dwarf most others in the world. In 2018, Aramco produced 13.6 million barrels per day on average, and is said to have “very low debt levels.”