Saudi Aramco was world's most profitable company in 2018

Company's earnings before interest, tax, depreciation and amortisation were $224bn

Saudi Aramco oil processing plant

Saudi Arabia’s national oil company was the most profitable company in the world in 2018, a new report released by Fitch Ratings shows. According to the data, which is revealing a few of company's best kept financial secrets, Saudi Arabian Oil Co. - known as Aramco - generated a whopping $224bn last year, before interest, tax and depreciation. And this reportedlt "accounted for around 70% of the country's budget revenue proceeds."

A distant second in the ranking is Apple Inc with $82bn, followed by South Korea’s Samsung Electronics, Royal Dutch Shell, Alphabet Inc. and Exxon Mobil Corp.

Saudi Aramco is the largest oil producer globally by volume and the exclusive oil producer in Saudi Arabia, except in the Saudi-Kuwaiti neutral zone. In 2018 its liquids production and its total hydrocarbon production averaged 11.6 million and 13.6 million mmboepd, respectively, well ahead of the upstream output of global and regional integrated producers such as ADNOC, Shell, Total and BP. 

An expected initial public offering by Aramco didn’t happen last year, but Saudi Arabia Crown Prince Mohammed bin Salman reportedly said in October that the oil giant would go public by 2021, with an expected valuation around $2 trillion.

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