Saudi Aramco released financials and scheduled conference

For the first time, the Saudi national petroleum company disclosed its public financial report and will make an unheard-of conference to present results in August.

From the Newsroom

São Paulo – The Saudi national petroleum company Saudi Aramco disclosed its public financial report for the first time on Wednesday (12) through its website. The company reported it earned a net profit of USD 111.1 billon in 2018, a 46.4% hike from the previous year, when the result was USD 75.9 billion. This makes it the world’s most profitable company. The figures had already been announced in April, when it launched bonds on the market.

The company’s turnover reached USD 355.9 billion, a 37.7% growth from 2017, when it saw USD 264.2 billion. It disclosed it owns USD 359 billion in assets on December 31, 2018 over USD 294 billion in the end of 2017.

This is the first time the company discloses this kind of public report. Aramco also announced that it will hold its first conference for investors to present the results of H1 2019.

The disclosure of data on the company’s reserves and its financial performance has been occurring since last year, because Saudi Arabia says it intends to open the company’s capital in the near future, maybe in 2021, making an initial public offering (IPO) on the Saudi stock market (Tadawul). First, the expectation was that the IPO occurred in 2018, but it ended up not happening. The idea is to deal 5% of the stocks on the market.

In April, Saudi Aramco successfully raised dollars through a market launch of bonds.

Translated by Guilherme Miranda

Alexander Pohl/NurPhoto/AFP

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