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.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.

RECENT NEWS

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more

Google-backed AI Firm NeurochainAI Teams Up With W Chain For Smart Payment Solutions

W Chain and NeurochainAI will combine forces to offer smart global payment tools, with real-time fee adjustment and fra... Read more

Al Ansari Exchange Renews Strategic Partnership With Visa

Promises to unlock new opportunities and deliver significant value across the financial services ecosystem and accelera... Read more