When you think big business, the likes of Amazon or Google comes to mind.

But they’re going to have to step aside for Saudi Aramco, the state-owned oil company in Saudi Arabia with ridiculously high profits.

Saudi Aramco reported R1,5 trillion in net income last year making it more profitable than Apple, Amazon, and Alphabet (Google’s parent company) combined.

Here’s Business Insider,

It comes as the company filedfor its debut international bond on Monday, a R141 billion issuance following a doubling of its profits after oil prices rose last year.

For context, Apple’s earnings shot up to R851 billion last year while Amazon brought in R141 billion in profits making Aramco’s figures stratospheric in comparison.

Similarly, oil majors Exxon Mobil and Royal Dutch Shell made profits of R295 billion and R248 billion in 2018, emphasising Aramco’s sheer vastness.

The company is wholly state-owned and will most likely stay under government ownership. The oil industry makes up a large part of Saudi Arabia’s GDP and exports.

Among the key risk factors purported by the company are environmental issues and other climate change-related challenges indicating a broad understanding of the manifold demand constraints which face the oil and gas industry. Saudi Aramco produced approximately one in every eight barrels of crude oil produced globally from 2016 to 2018, according to the prospectus.

Oil prices got higher last year after an OPEC+ meeting secured supply cuts in an attempt to improve prices by taking roughly 1,2 million barrels a day out of the market.

That explains the petrol price…

[source:businessinsider]