Aramco's Giant Profit Dwarfs Earnings of 163 Saudi Stocks

(Bloomberg) -- Saudi Arabian oil giant Saudi Aramco posted net income for 2018 that is almost four times higher than the combined profits of 163 companies listed on the local stock exchange.

The $111.1 billion earned by the world’s most profitable company dwarfs the $28.4 billion combined net income for the companies traded in Riyadh, according to Bloomberg data. The 163 companies represent more than 80 percent of the stocks traded in Riyadh and are the firms whose earnings had been analyzed as of Monday.

The listed company that generated the kingdom’s largest profit last year was Saudi Basic Industries Co., which itself is about to come under Aramco’s control. The oil producer is purchasing a 70 percent stake in Sabic from the country’s sovereign fund for $69 billion. Sabic is the biggest company trading in Saudi Arabia by market , and posted net income of almost $6 billion for 2018.

Aramco, which last year postponed initial plans for a listing in Riyadh and a foreign stock exchange, is meeting global investors this week to market its debut dollar bond offering. The Tadawul All Share Index advanced 0.9 percent in Riyadh on Monday, while Sabic ended unchanged at 125 riyals.

Read more:

• Aramco Bond Sale So Popular That Yield Premium May Be Near Zero
• Aramco Unveils Financial Secrets of World’s Most Profitable Firm
• Aramco’s Got So Much Cash It Won’t Sweat Spending $69 Billion
• On March 28: Aramco Is Said to Plan Bond Next Week for About $10 Billion

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