It was always suspected, and now it’s official. Saudi Aramco is the world’s most profitable company.
Jealously guarded financial data about the kingdom’s prized asset were disclosed to bond investors for the first time on Monday. Aramco’s $111.1 billion profit in 2018 easily dwarfed all other businesses on the planet, a stunning result for a company that also paid the Saudi government $102 billion in taxes last year.
Here are some insights from Aramco’s financial statements:
1- Aramco leads all companies, oil and otherwise
2- It still lags other oil majors in profit per barrel
Aramco, which produces about 10 percent of the world’s crude, spends just under $3 a barrel to pump its crude but doesn’t generate as much cash per barrel as other top oil companies. The culprit: high taxes.
