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Business and Finance
Reuters
After Saudi Aramco's earnings decline, what is its world ranking?
Saudi Aramco maintained its position as the most profitable company in the world, although it announced a 12% drop in net profit in the first half, which stood at $ 46.9 billion, due to the fall in oil prices.
Aramco said it had achieved a total business turnover of $ 163.88 billion in the first half of this year, down from $ 167.68 billion for the same period the previous year.
The data shows that Aramco is the most profitable company in the world, surpbading US giants such as Apple and Exxon Mobil. The Saudi Oil Company plans to launch an IPO by 2020-2021 after the postponement of the 2018 IPO.
Compared to the first half of Aramco, US oil giant Exxon Mobil generated about $ 5.5 billion over the period, while Apple made a profit of $ 31.5 billion in the first half of its current exercise.
"Despite the decline in oil prices in the first half of 2019, we continued to generate strong earnings and free cash flow, supported by our ability to maintain our operational performance, expense management and financial discipline", said in a statement the general manager of Aramco, Amin Al Nbader.
Source: Reuters
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