“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!
“since {Saudi Aramco’s] heavy dependence on the country’s economy…”
Don’t they mean the country’s economy is heavily dependant on Saudi Aramco!?
If they are so profitable what do they need to borrow money?
Apple had the excuse that their money was tied up outside the country and it would have been to expensive to repatriate it.
They have to finance the Saudi Royal family’s exorbitant lifestyle somehow. And hit men don’t come cheap these days either… Allegedly.
Apple borrows tons of money.
Often companies like Apple will borrow money for expansion rather than using cash out right because it turns out to be cheaper. It is cheaper to borrow money and buy equipment than it is to lease equipment, for instance.
That’s what makes Saudi Arabia such a great country. They have more supercars being driven around on the streets in Saudi Arabia than of all America. Saudi Arabia is the land of Ferraris, Lamborghinis and Bugattis. Damn impressive for a place that is made up of mostly desert.
I wonder if Saudi Aramco is hated as much as Apple is as a company. One thing that’s good about living in Saudi Arabia. If any trouble breaks out in that region, the U.S. will quickly send American troops there to protect that oil supply.
It’s understandable that Saudi Aramco makes more than Apple. The world population surely needs oil more than they need iPhones. Tim Cook needs to work hard to reverse that situation.
What did I just read?
Since oil is most of the country’s economy, they have a quarter of the world’s reserves, and the company is state owned…. is that even really a “company”?
it must hurt Apple Fanboy #1 to know that Apple isn’t anywhere close to being the biggest enterprise in the world.
I for one hope that consumer subscription services for what is overwhelmingly brainless time wasting media never becomes the biggest biz on the planet.
Saudi Arabia is in the oil business. Apple is now in the energy business. Fossil fuels are finite and unhealthy. Alternative Energy is infinite and much healthier. I’ll bet on One Infinite Loop any day over a state run fossil fuel company.
In the year 2100 the oil will be gone….