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Forget Apple or Exxon, Saudi Aramco was the most profitable company in 2018

The credit rating, a first for Aramco, offers the first glimpse into the accounts of the company, which have remained secret since its nationalization in the late 1970s

Saudi Aramco
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Saudi Aramco generated earnings before interest, tax and depreciation of $224 billion last year

Javier Blas, Matthew Martin & Archana Narayanan | Bloomberg
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 US 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 organisation that produces about 10 per cent 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.
 
The bond sale,

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