Saudi Aramco Announces 12% Decrease in Profits Due to Falling Oil Prices

DUBAI (Reuters) – Saudi Aramco, the largest oil company in the world, announced Monday a 12 percent drop in profits in the first half, to $ 46.9 billion, following a fall in prices. world oil prices.

This rare financial disclosure is due to the renewed interest shown by the state-owned Saudi oil company in a possible initial public offering, strengthening its position as the most profitable company in the world, compared to to other giants such as "Apple", which made a profit of $ 31.5 billion in the first half. fiscal year.

The company said it produced an average of 10 million barrels of crude oil per day, providing "about 100 percent of our customers' demand for oil and refined products." The company also attributed lower profits to lower world oil prices.

Saudi Aramco has recently announced more financial resources, while the Saudi authorities plan to leave part of the company in circulation to finance projects likely to reduce the country's dependence on oil.

The company's IPO, planned for 2018, has still not been realized, the lack of transparency as to the size of the country's energy reserves has raised doubts about the possible sale decision and the value of the company. Aramco. However, according to the Wall Street Journal, supply is being accelerated as early as next year, after investors reacted positively to bond sales in April.

The giant first published its profits in April, posting a net annual income of $ 111 billion on a $ 356 billion business in 2018.