Saudi Aramco has the world's highest net earnings

In the first half of 2017, the Saudi oil company booked earnings of USD 33.8 billion, 17 percent more than the second-ranked company on the list.

Photo: SaudiAramco

A Saudi oil company has the world's highest net earnings. State-owned Saudi Arabian oil company Saudi Aramco has beat giants such as Apple, Alphabet [owner of Google, -ed.] and ExxonMobil when it comes to generating earnings.

In the first half of 2017, Aramco generated earnings of USD 33.8 billion. With USD 28.9 billion, Apple came in with the second-largest earnings, reports Bloomberg News.

The media reports that the Aramco numbers from 2017 are interesting because this is the first timein several decades that the public has access to the numbers from the company.

The accounts show that the company is almost debt-free and that Aramco has far lower production costs that the rest of the oil industry.

The figures were disclosed ahead of a potential listing of Aramco. Saudi Crown Prince Mohammed bin Salman will list the company which generates a large share of Saudi Arabia's annual earnings.

The prince has estimated the company's worth at USD 2,000 billion. Therefore, a sale of just 5 percent of the company shares would be value creation of USD 100 billion, making it the largest IPO ever, reports Bloomberg News. The largest to date was Chinese company Alibaba which raised USD 25 billion in 2014.

The company says to Bloomberg News that the figures are not precise and that they do not reflect the company's financial status.

Mohammed bin Salman will list the company to make Saudi Arabia ready for when the oil price once again increases.

English Edit: Lena Rutkowski

Saudi Arabia, SoftBank ink deal on USD 200 billion solar project

Saudi Aramco IPO pushed back to 2019 

More from EnergyWatch

New developer has 11GW offshore wind ready from inception

Profiles from European Energy, Ørsted and Centrica team up to found a new company aiming to develop solar, onshore wind, offshore wind and do power trading. Theres a hole in the market for us right now — in five years it will be closed, says director.

CIP hires Dutch profile

Current CFO at TenneT Otto Jager will join CIP as partner, with a primary focus on flagship funds.

Further reading

Related articles

Latest News

See all jobs