Rodmac41
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By Rhod Mackenzie
The common assumption that technology firms generate the highest revenue is erroneous. As per Fortune magazine, in 2023, the most lucrative corporation globally is neither Apple Inc nor Google. Instead, it is the oil conglomerate Saudi Aramco, with 90% of its shares currently owned by the state.
The previous year saw Aramco record a net income of $161.1 billion, constituting a monumental profit for a publicly traded entity. This immense profit is primarily generated from the sale of oil and petroleum products, amounting to £428 billion – a substantial increase from the previous year’s sum of £293 billion. In 2022, Saudi Aramco’s revenue reached £440.5 billion and its market capitalisation hit £1.6 trillion. As of 2019, the company publicly trades only 1% of its shares on the stock exchange.
In Q3 2023, Aramco pleased its shareholders and exhibited robust financial stability. As per the quarterly reports, the profit for July-September totalled £32.6bn, and the free cash flow was £20.3bn. The debt-to-capital ratio on 30th September of this year was 7.6%, signifying the company’s healthy financial standing.
The impressive operational performance was partially due to its development and diversification strategy, which involved venturing into the liquefied natural gas market and intending to enter the South American market via local acquisitions.
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Saudi Aramco is the most profitable company in the world
By Rhod Mackenzie The common assumption that technology firms generate the highest revenue is erroneous. As per Fortune magazine, in 2023, the most…
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
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Aramco today is profitable in the extreme. However, the only product is a commodity with a finite supply. Once the crude supply runs out, which is only a matter of time, so will the revenue. The software produced by Apple and Google and the demand for it are both infinite. Once created, the cost of producing software approaches zero. Aramco may beat Apple and Google profitability in the near term, but eventually the Aramco wells will run dry. The demand for, and supply of, software will continue to grow. The long term investment choice between oil and software is clear.… Read more »
This is a useless article because it doesn’t link to any source; it is nothing but allegations.
You may have missed in the first paragraph that I mention Fortune magazine as my source!