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2018's most profitable company is Saudi Aramco

 
Old 04-01-2019, 01:17 PM
  #1  
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Default 2018's most profitable company is Saudi Aramco

Saudi Aramco revealed as world’s most profitable company


The world’s top oil producer, Saudi Aramco, became world’s top company in terms of profits in 2018, comfortably eclipsing the earnings of Apple and other US firms, according to newly published figures by Moody’s and Fitch.The Saudi state-run oil giant has been keeping its revenues quiet for many years, but their financial secrets were revealed on Monday as the rating agencies published reports on the company’s performance ahead of its debut on the international bond market.

According to Fitch Ratings, Aramco generated a whopping $224 billion last year, before interest, tax, and depreciation. Meanwhile Moody’s said the company’s net income totals $111.1 billion, while its revenue stood at $355.9 billion. Both agencies rated Aramco quite high, giving A+ and A1 respectively.
“Saudi Aramco has many characteristics of a AAA-rated corporate, with minimal debt relative to cash flows, large scale of production, market leadership and access in Saudi Arabia to one of the world's largest hydrocarbon reserves,” Rehan Akbar, a vice president-senior credit officer at Moody's, said. “These features position it favorably against the strongest oil and gas companies that Moody's rates.”

Thus the leading global oil supplier unseated the previous profit king, Silicon Valley giant Apple, and the net income even surpassed those of Apple, Google and Exxon Mobil combined, according to Bloomberg. Apple now comes in second place with a net income of $59.5 billion, followed by Samsung with $35.1 billion.

Saudi Arabia’s state-controlled energy giant is planning to issue a bond of at least $10 billion, according to last week’s media reports, with some speculating that the transaction could be even larger. The offering may come this week, the Wall Street Journal reported.https://www.rt.com/business/455262-m...-company-2018/
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Old 04-01-2019, 01:25 PM
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Default Re: 2018's most profitable company is Saudi Aramco

I can't wait for the next major oil spill or oil rig to go with zero consequences for anyone.
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Old 04-02-2019, 08:09 AM
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Default Re: 2018's most profitable company is Saudi Aramco

Originally Posted by 93Accord117 View Post
I can't wait for the next major oil spill or oil rig to go with zero consequences for anyone.
They don't have the money bro, using it all to build islands and gold plated Ferraris
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Old 04-02-2019, 08:22 AM
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Default Re: 2018's most profitable company is Saudi Aramco

I still don't understand why are aren't using bio Diesel and fuel made from Algae. It seemed like such a good idea. But hey, big oil is sustainable and renewable.
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Old 04-02-2019, 10:29 AM
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Default Re: 2018's most profitable company is Saudi Aramco

$3 per barrel cost of production. not quite sure I believe that, but even if it is off by x5, its still pretty impressive. to bad we are friends with KSA, it sure would be profitable to bring them some democracy/freedom.
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Old 04-02-2019, 10:35 AM
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Default Re: 2018's most profitable company is Saudi Aramco

Here I am paying 3.71 a gallon.

Maybe I need to refine my own fuel.
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