Oil giant Saudi Aramco revealed Monday it made the world’s biggest corporate profit last year, opening its secretive accounts for the first time as it prepares to raise funds from investors.
International ratings agencies Fitch and Moody’s got rare access to Aramco’s accounts which show the firm posting billions in profits.
It comes as Aramco prepares to sell bonds on the international market to help finance the purchase of a 70-percent stake in Saudi petrochemical behemoth SABIC for $69.1 billion, effectively merging the kingdom’s two largest companies.
The huge deal gives Crown Prince Mohammed bin Salman’s ambitious reform programme aimed at diversifying the economy a massive cash boost.
