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Saudi Aramco remains the world's most profitable company despite falling oil prices, Bloomberg said.
The company said in a report on its first-half earnings that its profit had dropped 12 percent to $ 46.9 billion in the first half of 2019.
Thus, the company would have easily bypbaded giants such as Apple, Amazon and other major oil producers, many of whom suffered a decline in profits due to lower commodity prices and crude oil prices. "We have some of the largest and most productive reserves in the world," said Khalid Dabbagh, Senior Vice President of Finance, Strategy and Development.
"The financial results of the company are second to none," he said, given the drop in oil prices "reflecting our resilience".
The company paid $ 46.4 billion in dividends in the first half, including $ 20 billion in dividends to its owners, up from $ 6 billion last year.
According to Roy Price, CFO, this is especially important for potential investors before the IPO scheduled for 2020 or 2021.
The average Aramco crude sales price fell to $ 69 per barrel in the first half, up from $ 69 a year earlier, while crude output remained steady at 10 million barrels of oil equivalent per day. Free cash flow increased nearly 7% to $ 38 billion, reflecting changes in working capital and lower capital expenditures. "All of this results in the best financial performance that any investor seeks to value the company," said Dabbagh. The company is ready for an IPO. "
He reiterated that the decision on the exchange that would be proposed and when it would be necessary to proceed with the process rested with the government.
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