The Saudi oil company Aramco is the most profitable company in the world and its net profit came to 111,100 million dollars in 2018, according to data published this Monday by two risk agencies, which have given notice to the company for the first time.
Aramco, the largest oil company in the world, had income of 355,900 million dollars last year, according to Moody's, which offered data so far kept secret by the company controlled by the Saudi State. The gross operating profit (EBITDA) amounted to 224,000 million dollars in 2018, according to Fitch.
The gross operating profit (EBITDA) amounted to 224,000 million dollars in 2018, according to Fitch.
The EBITDA margin was 63.7%, according to Moody's, which places it as a company with very high profitability. The oil company also has a very high liquidity and has 48,800 million dollars in cash, according to the agencies, which gave their rating to the company for the first time, before a rumored sale of bonds.
According to agency reports, Aramco produced in 2018 a volume of 13.6 million barrels of oil equivalent (boe) per day and has access to proven reserves of 256,900 billion barrels of oil and gas. Moody's granted a note of A1 and Fitch, an A +, notes that in both cases are conditioned by the rating of sovereign debt of Saudi Arabia.
The company had revenues of 355.9 billion dollars last year
Last Wednesday, Aramco announced the purchase of 70% of the capital of SABIC, one of the largest petrochemical companies in the world, also controlled by the Saudi Government, for 69,100 million dollars, within the framework of the company's vertical integration strategy. .
According to Moody's, Aramco's liquidity and financial flexibility will allow it to finance the acquisition of SABIC without the need to resort to external financing, even in low oil price scenarios.
The Saudi government announced plans in 2017 to privatize 5% of Aramco's capital, but last year it decided to paralyze the operation, which was expected to be the biggest exit to the stock market in history, without explaining the reasons. The announced IPO was aimed at raising funds to finance the plans of the crown prince, Mohamed bin Salman, to reduce the country's dependence on oil.