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Saudi Aramco generated huge revenues last year, making it the world's most profitable company in 2018, according to international rating agencies on Monday, after opening accounts for the first time in anticipation of the lifting of funds from investors.
According to the Agence France-Presse, the agencies "Fitch" and "Moody's" provide global information on the rare accounts of the giant oil company, reporting billions of dollars in profits.
This comes as Aramco is preparing to issue bonds to finance the purchase of 70% of Saudi Basic Industries Corporation (Sabic), worth $ 69.1 billion. dollars, as part of a merger of the two largest companies in the kingdom.
This huge deal will give the ambitious reform program led by Saudi Crown Prince Mohammed bin Salman the diversification of the economy, a huge financial boost.
Moody's said the company had posted a net profit of $ 111.1 billion last year, higher than the net profit of the five largest oil companies, and generated revenue of $ 355.9 billion. dollars.
The five companies – ExxonMobil, Chevron, British Petroleum, Total and Dutch Dutch Royal Dutch Shell – announced a combined net profit of $ 80 billion.
Aramco's profits also exceeded $ 50 billion in Apple's profits, making it the most profitable company in the world.
For its part, the agency "Fitch" noted that Aramco had made a profit of $ 224 billion before taxes.
The rating agencies have attributed to government-owned companies the A + ratings of Fitch and A1 of Moody's, the Saudi government holding a large portion of the company's profits, with Riyadh relying on Aramco to finance its expenses.
Based on its financial resources, extensive hydrocarbon inventory and low cost of production, the company would have been rated AA + without government approval, the highest rating from international oil companies.
The first of its kind for Aramco comes as it prepares to issue bonds to finance the acquisition of 70% of SABIC as part of a deal announced last week.
The agreement with SABIC comes after a delay in the IPO of Aramco on the stock market in order to raise $ 100 billion to finance the economic projects of the Crown Prince.
According to Fitch, according to information provided by Aramco, 5% of its shares for the initial public offering are still in place and are expected to be completed by 2021.
Saudi Arabia has $ 500 billion in reserves under the control of the central bank.
In addition to these huge reserves, the agreement with SABIC will give the Saudi Public Investment Fund, led by Mohammed bin Salman, a cash flow necessary for the implementation of Vision 2030.
PIF, which hopes to bring its assets to $ 2 trillion by 2030, is leading efforts to move the economy from the realm of oil dependence to technology.
The fund invests heavily in international companies, including Ober, which relies on the application of my phone.
Moody's said that Aramco was able to finance the SABIC cash transaction without the need to borrow, saying the acquisition would strengthen the company's business sector.
The agency said the daily oil production rate "Aramco" was 10.3 million barrels a day, less than the maximum capacity of 1.7 million barrels.
Aramco estimates its proven oil reserves at 227 billion barrels and its oil reserves at 257 billion barrels of oil equivalent, which is enough for more than half a century, a "level" high and comfortable, "according to Fitch.
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