“Saudi Aramco is by far the most profitable company in the world, according to financial data disclosed by the state-run oil giant in Saudi Arabia,” Fred Imbert writes for CNBC. “The company made a whopping $111 billion in 2018, the data shows. By comparison, Apple made $59.53 billion in fiscal 2018.”
“Saudi Aramco made its financial information available in a prospectus for a $10 billion bond sale, which the company plans to use to finance a nearly $70 billion stake in Saudi Arabia’s petrochemicals company,” Imbert writes.
“Despite Aramco’s massive earnings, the company did not receive the top credit rating from agencies like Moody’s since its heavy dependence on the country’s economy could be a headwind for the company,” Imbert writes. “Moody’s issued an A1 rating for Aramco. Company’s like Chevron and Exxon Mobil have ratings of Aa2 and Aaa, which are higher than Aramco’s.”
Read more in the full article here.
MacDailyNews Take: Wow, Saudi Aramco generates nearly double Apple’s annual profit!