Deals
Aramco Tells IPO Bankers It Made $68 Billion in 9 Months
- Cements position as world’s most profitable oil company
- Profit detailed as Aramco prepares for initial public offering
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Saudi Aramco earned $68 billion in the first nine months of the year, cementing its position as the world’s most profitable company, according to people familiar with the figures.
The state-owned oil producer disclosed the unaudited net figure to financial analysts working on its planned initial public offering, the people said, asking not to be identified because the information isn’t public. Aramco has not published comparative numbers for the same period last year and its media office declined to comment. The IPO process will begin on Sunday, Saudi television news channel Al Arabiya reported.