Skip to main content
ESSENTIAL OIL

Saudi Oil Company Makes More Than Apple and Exxon Combined

Opens books on the world’s most profitable company: $111 billion in net income in 2018.

RTX67GVU_1_bv1q2b

Ahmed Jadallah/Reuters

By Victoria Albert

For the first time ever, Saudi Arabia on Monday unveiled the finances of Aramco, its national oil company, revealing that it brought in $111 billion in net income in 2018. That makes Aramco the most profitable company in the world, bringing in more than Apple and Exxon combined, despite the fact that it gives about 50 percent of its revenue to the Saudi government. The disclosure came as part of a $10 billion bond sale, but some analysts believe it’s an early step toward an IPO, which Crown Prince Mohammed bin Salman reportedly hopes to use to finance the future of the kingdom.

Read it at The Wall Street Journal

TRENDING NOW