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Agadir Press

Despite the decline in oil .. "Aramco" remains the most profitable companies in the world

Despite the decline in oil .. "Aramco" remains the most profitable companies in the world
Despite the decline in oil .. "Aramco" remains the most profitable companies in the world
Saudi Aramco remains the world's most profitable company, despite falling oil prices, Bloomberg said.

The company said in a report on its first-half profit that profit fell 12% to $ 46.9 billion in the first six months of 2019.

Thus, the company would have easily bypassed the giants such as Apple, Amazon and other major oil producers, many of which suffered a decline in profits due to lower product prices and crude oil.

"We have some of the largest and most productive reserves in the world," Khalid Al-Dabbagh, the company's senior vice president for finance, strategy and development, said in an interview.

"The company's financial results are unrivaled," he said, given the drop in oil prices "as a testament to our resilience."

The company paid $ 46.4 billion in dividends in the first half, including $ 20 billion in dividends to its owners, compared with $ 6 billion last year.

This is especially important for potential investors ahead of the IPO planned for 2020 or 2021, according to Roy Price, CFO.

The average selling price of Aramco crude fell to $ 66 a barrel in the first half from $ 69 a year earlier, while crude production remained steady at 10 million barrels of oil equivalent on a daily basis.

Free cash flow increased by almost 7% to $ 38 billion due to movements in working capital and lower capital expenditure.

"All this results in the best financial performance any investor is looking for when evaluating the company. The company is ready for an initial public offering," said Khalid al-Dabbagh.

Dabbagh reiterated that the decision on any stock exchange will be offered and on the date to proceed with the process, is the responsibility of the government.

Saudi Arabia, in turn, wants to raise a record $ 100 billion from the sale of a 5% stake in Aramco, making it the largest IPO in history and a win-win situation for any banks involved in the process.

Saudi Arabia announced plans for an initial public offering of Aramco three years ago. Aramco sold bonds to buy a 70% stake in SABIC from the Saudi sovereign wealth fund. It said on Monday the acquisitions had yet to take place.

Aramco plans to acquire a stake in the refining and chemicals business of Reliance Industries Limited, India, seeking buyers for its crude oil production and diversification.

Reliance Chairman Mukesh Ambani said in Mumbai that Aramco will acquire a 20 percent stake in the company's oil-to-chemicals conversion business, including the 1.24 million barrels per day (bpd) Jamanagar refinery on the west coast of Mumbai. India.

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