Saudi Arabia’s national oil company had a net income of US$111.1 billion in 2018, almost double Apple’s US$59.3 billion. The firm disclosed the figures as part of a US$10-billion bond sale, which it will use to buy a US$70-billion stake in Saudi Basic Industries Corp. (SABIC), the national petrochemicals company. (Wall Street Journal, CNBC)
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Saudi Arabia’s national oil company had a net income of US$111.1 billion in 2018, almost double Apple’s US$59.3 billion. The firm disclosed the figures as part of a US$10-billion bond sale, which it will use to buy a US$70-billion stake in Saudi Basic Industries Corp. (SABIC), the national petrochemicals company. (Wall Street Journal, CNBC)
Talking point: The Saudi government is Aramco’s sole shareholder, so it pocketed those profits, plus a combined US$157.3 billion in royalties and income taxes last year. Stock market investors were set to dip into the firm’s income stream via a planned public offering in 2018, but the listing has been put off till 2021. Aramco cited the SABIC deal, but the Saudi government has also faced opposition to its high valuation of the oil company and backlash over the alleged murder of journalist Jamal Khashoggi. The delay is good news for the many tech companies going public this year, since an Aramco IPO would still likely draw lots of investor interest.
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