Aramco Unveils Financial Secrets of World's Most Profitable Firm
- Saudi oil producer’s net income was $111.1 billion in 2018
- Aramco lags Big Oil in profits per barrel due to high taxes
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The first official glimpse of Saudi Aramco’s financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was $111.1 billion, easily outstripping U.S. behemoths including Apple Inc. and Exxon Mobil Corp.
But accounts published before the firm’s debut in the international bond market also show Aramco -- an organization that produces about 10 percent of the world’s crude -- doesn’t generate as much cash per barrel as other leading oil companies like Royal Dutch Shell Plc because of a heavy tax burden.