Apple and Google can shift for Saudi Aramco, as the Saudi Arabian oil giant has dwarfed the earnings of the aforementioned company to become the most profitable company in the world according to financial data it recently unveiled.
The company made a whopping $111 billion in 2018, the data shows. By comparison, Apple made $59.53 billion in fiscal 2018. Saudi Aramco also made more money than J.P. Morgan Chase, Google-parent Alphabet, Facebook and Exxon Mobil combined. Put together, those companies made nearly $106 billion in 2018, according to FactSet.
Saudi Aramco made its financial information available in a prospectus for a $10 billion bond sale, which the company plans to use to finance a nearly $70 billion stake in Saudi Arabia’s petrochemicals company.
Despite Aramco’s massive earnings, the company did not receive the top credit rating from agencies like Moody’s since its heavy dependence on the country’s economy could be a headwind for the company.
Moody’s issued an A1 rating for Aramco. Companies like Chevron and Exxon Mobil have ratings of Aa2 and Aaa, which are higher than Aramco’s.
