Top oil producer Saudi Aramco maintained its position as the world’s most profitable company on Monday even as it reported a 12% drop in first-half net income to $46.9 billion (£38.9 billion) due to lower oil prices.
”Aramco said it generated total revenues, including other income related to sales, of $163.88 billion in the first half of this year, down from $167.68 billion a year earlier.”
Saudi Aramco announced for the first time its half-year financial results.
The Company’s net income was $46.9 billion for the first half of 2019, compared to $53.0 billion for the same period last year. Earnings before interest and tax* was $92.5 billion, compared with $101.3 billion a year earlier. Free cash flow* was $38.0 billion, compared to $35.6 billion for the same period last year.
Capital expenditure was $14.5 billion, compared to $16.5 billion for the same period in 2018.