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Aramco's Accounts Show $2 Trillion Valuation Remains a Challenge

  • Company paid $58.2 billion in dividends to Saudi government
  • The dividend is low relative to peers in the oil industry
Property And Leisure In Saudia Arabia's Eastern City
Photographer: Simon Dawson/Bloomberg
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Saudi Aramco may be the world’s most profitable company, but that likely still won’t be enough to persuade investors the energy behemoth is worth $2 trillion.

New financial details, disclosed today by Moody’s Investors Service, show a company that paid $58.2 billion in dividends to the Saudi government last year. Working back from that, the valuation would be closer to $1.2 trillion if investors judge Aramco by the same metrics as other giant oil companies.