Oil giant Saudi Aramco revealed Monday it made the world’s biggest corporate profit last year, opening its secretive accounts for the first time as it prepares to raise funds from investors.
The huge deal gives Crown Prince Mohammed bin Salman’s ambitious reform programme aimed at diversifying the economy a massive cash boost. Aramco also dethroned Apple as the world’s most profitable firm. Last year the US tech giant posted nearly $50 billion in net profits. Based on its finances, massive hydrocarbon reserves and low production cost, its stand-alone rating would have been a top AA+ on an equal footing with international oil companies, Fitch said.
It would help test investor interest and appetite before the potential listing of the firm, Raghu told AFP. Fitch said that based on information received from Aramco, the planned sale of up to five percent of Aramco through an initial public offering still stands and is likely to take place in 2021.But even so, the SABIC deal will give the Public Investment Fund, one of the kingdom’s sovereign wealth funds, much-needed cash to carry out Vision 2030.
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