Saudi Aramco sets share sale stage with $47 billion profit

Dubai: Saudi Aramco proved itself the most profitable company in history on Monday with financial figures that beat all its competitors by a long way.

The Kingdom’s oil giant reported net income of $46.9 billion for the first half of 2019, way ahead of the $31.5 billion reported by the next biggest earner, Apple. Aramco’s profits are nearly 50 percent higher than those of the five largest Western oil companies combined.

It was the first time Aramco — a private company owned by the Kingdom — had disclosed its financial strength in a formal results announcement, and followed the unprecedented level of financial information disclosed in April, when it broke world records in the bond markets with a much-in-demand $12 billion issue.

The company also underlined that it was ready to go to international stock markets in an initial public offering (IPO) of shares whenever the Kingdom thought conditions were right. Some experts think the IPO could happen next year — earlier than many analysts had predicted.

AlamulKhabar Business