Aramco reveals US$46.9bn profits in half-year reports
13 August, 2019
Saudi Arabia’s state-owned oil giant Saudi Aramco announced profits of US$46.9bn (£38.9bn) for the first half of 2019 during the company’s first ever investor call.
Despite profits dropping 12% from the first half of 2018 due to lower oil prices, the figures are still ahead of the world’s six biggest listed oil companies combined.
The company also confirmed plans to invest in a US$15bn (£12.4bn) 20% stake in the oil-to-chemicals unit of India’s Reliance Industries, valuing the company at US$75bn (£62.2bn).
Khalid al-Dabbagh, Senior Vice President for Finance, Strategy and Development, said the results proved the world’s most profitable company was ready for its long-awaited IPO, depending on when shareholders deemed market conditions to be “optimal”.