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Mon 1 Apr 2019 03:49 PM

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How Aramco's giant 2018 profit dwarfs joint earnings of 163 Saudi stocks

$111bn earned by state oil major dwarfs the $28.4bn combined net income for all the companies traded in Riyadh

How Aramco's giant 2018 profit dwarfs joint earnings of 163 Saudi stocks
Aramco, which last year postponed initial plans for a listing in Riyadh and a foreign stock exchange, is meeting global investors this week to market its debut dollar bond offering.

Saudi Arabian oil giant Saudi Aramco posted net income for 2018 that is almost four times higher than the combined profits of the 163 companies listed on the local stock exchange.

The $111.1 billion earned by the world’s most profitable company dwarfs the $28.4 billion combined net income for the companies traded in Riyadh, according to data compiled by Bloomberg as of April 1.

The listed company that generated the kingdom’s largest profit last year was Saudi Basic Industries Co, which itself is about to come under Aramco’s control.

The oil producer is purchasing a 70 percent stake in Sabic from the country’s sovereign fund for $69 billion.

Sabic is the biggest company trading in Saudi Arabia by market value, and posted net income of almost $6 billion for 2018.

Aramco, which last year postponed initial plans for a listing in Riyadh and a foreign stock exchange, is meeting global investors this week to market its debut dollar bond offering.

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